MGPA, the independent private equity real estate investment advisory company, on behalf of MGPA Europe Fund III, and CarVal Investors, a leading global alternative investment manager, in conjunction with Quadrant, are pleased to announce the acquisition of the Telereal Trillium/Royal Mail properties at 72 Fore Street in the City of London. The purchase price was in the region of £35 million (approx. 40 million).
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The proposed development will include a ground floor and 11 upper floors.
Telereal Trillium obtained the detailed consent for 225,000 ft² (approx. 20,000 m²) NIA of offices on the freehold site. Located adjacent to the new Crossrail interchange and existing Moorgate underground station, this core City location is one street back from London Wall.
The proposed development will include a ground floor and 11 upper floors that will provide efficient floor plates of flexible grade-A accommodation ranging from 7,900 ft² to 24,600 ft², with trading floor capability on the first and second floors. The upper five floors will include roof terraces and City views.
CarVal Investors, MGPA and Quadrant have jointly designed the strategy for this development, which is fully funded and is expected to be completed by the end of 2013. The MGPA development team will act as development manager with Quadrant as development consultant.
Laurent Luccioni, Chief Executive of MGPA Europe, commented: "This investment is the third investment in the UK on behalf of MGPA Europe Fund III. The investment strategy is to acquire well-located development sites on which a modern, efficient grade-A building can be constructed to take advantage of the current window of opportunity for office development in the City of London given the demand/supply imbalance.
"We look forward to working with CarVal Investors and Quadrant on this exciting development."
Robert Balick, Senior Managing Director of CarVal Investors, added: "This investment demonstrates CarVal Investors' commitment to the UK market and is at the right point in the City development and rental cycle, enabling us to provide large, flexible and efficient floor plates at a time when new quality, grade A office will be in short supply in the City.
"In addition, the site is in an attractive location close to three major transportation hubs and the future Crossrail station and we look forward to working with MGPA and Quadrant on this exciting development."
Other MGPA assets in the UK include, Exchange Tower, in Docklands which was acquired in summer 2010.
CB Richard Ellis and BNP Real Estate acted for the purchasers; and DTZ acted for Telereal Trillium/Royal Mail.
Source: Citigate Dewe Rogerson
The proposed development will include a ground floor and 11 upper floors that will provide efficient floor plates of flexible grade-A accommodation ranging from 7,900 ft² to 24,600 ft², with trading floor capability on the first and second floors. The upper five floors will include roof terraces and City views.
CarVal Investors, MGPA and Quadrant have jointly designed the strategy for this development, which is fully funded and is expected to be completed by the end of 2013. The MGPA development team will act as development manager with Quadrant as development consultant.
Laurent Luccioni, Chief Executive of MGPA Europe, commented: "This investment is the third investment in the UK on behalf of MGPA Europe Fund III. The investment strategy is to acquire well-located development sites on which a modern, efficient grade-A building can be constructed to take advantage of the current window of opportunity for office development in the City of London given the demand/supply imbalance.
"We look forward to working with CarVal Investors and Quadrant on this exciting development."
Robert Balick, Senior Managing Director of CarVal Investors, added: "This investment demonstrates CarVal Investors' commitment to the UK market and is at the right point in the City development and rental cycle, enabling us to provide large, flexible and efficient floor plates at a time when new quality, grade A office will be in short supply in the City.
"In addition, the site is in an attractive location close to three major transportation hubs and the future Crossrail station and we look forward to working with MGPA and Quadrant on this exciting development."
Other MGPA assets in the UK include, Exchange Tower, in Docklands which was acquired in summer 2010.
CB Richard Ellis and BNP Real Estate acted for the purchasers; and DTZ acted for Telereal Trillium/Royal Mail.
Source: Citigate Dewe Rogerson
