Monday, 22 September 2014
Evans Randall sells 15 Sackville Street for €101 million (UK)
Evans Randall, the privately-held UK investment banking and private equity group, has completed the sale of its 15 Sackville Street asset in Mayfair, London W1, to a private investor, for in excess of £80 million (approx. €101 million).
The bid exercise saw strong competition for the asset from a broad range of investors that sought to secure the prime Mayfair freehold, following its full letting of the 34,000 ft² (3.158 m²) building in Spring this year.
15 Sackville Street has been let to a collection of luxury services tenants, including jet maker Gulfstream Aerospace, yacht broker Camper & Nicholsons and Four Seasons Hotel group. The tenant mix was further complemented by lettings to professional services occupiers R.A.H.M.S Limited, Antin Infrastructure Partners UK LLP and Symmetry Investments UK LLP.
Kent Gardner, Chief Executive of Evans Randall said: “This sale signifies the culmination of our robust asset management strategy to attract high calibre occupiers to this prime Mayfair freehold, resulting in substantial investor interest. Through this deal we have again demonstrated our ability to unlock value in prime assets for ourselves and our co-investors.”
Evans Randall purchased 15 Sackville Street in Spring 2013 from Mitsui & Co for £60 (€76 million) million when the majority of the building was vacant.
Source: FTI Consulting