GE Real Estate UK and Endurance Land ('EL') have acquired the entire issued share capital of Winterdome Limited, a special purpose vehicle which owns the freehold interest of 10 Great Pulteney Street, a 4,370-m² office building in the heart of London's Soho. GE Real Estate and EL have acquired the interest from Coronation Limited paying a total price of £51.27 million (c. €70m).
10 Great Pulteney Street comprises seven floors of office space and five residential apartments. Located in the center of London's Soho, it is let in its entirety to Microsoft, which has, in turn, under-let the building to Nokia. The property currently generates a passing rent of over £2.3 million p.a. but offers significant reversionary potential. Cumulatively, the apartments offer 2,928 ft² of residential space.
Endurance Land, a privately owned property company run by Jonathan Fletcher and Angus Robson, have been appointed incentivised manager on the property. This transaction represents their second joint venture with GE Real Estate following the acquisition of 85 Clerkenwell Road, EC1 earlier this year.
Commenting on the acquisition, Mike Rowan, Managing Director of GE Real Estate UK, said, "This acquisition represents an opportunity to further strengthen our holdings in central London and in the West End in particular. We are especially pleased to have acquired an asset with such prestigious tenants and to be renewing our successful partnership with Endurance Land. We are confident that together we can add significant value to the asset, whilst offering our tenants a high quality office environment."
Jonathan Fletcher, Managing Director of Endurance Land, said, "We are delighted to have concluded this acquisition with GE. This will allow us to tap into the solid Central London market which will continue to benefit from further rental growth over the next 12 months."
CB Richard Ellis represented GE and Endurance Fund. Knight Frank acted for Coronation Ltd.