Tuesday, 6 January 2015
WELPUT sells Tothill Street office for €70.1 mln (UK)
WELPUT, a specialist fund investing in Central London offices, managed by Schroders and advised by Quintain Estates and Development plc, has exchanged contracts to sell the freehold interest in 21 Tothill Street, London SW1 for £55.4 million (€70.1 mln) reflecting a net initial yield of 3.4%.
Originally acquired in 2010 for £28.6 million (€36.5 mln), the business plan for the 65,000 ft² office building had been to carry out a comprehensive refurbishment, re-letting and sale following the expiry of the lease to Towers Watson due in March 2015.
Nigel J. Kempner of Quintain Estates and Development plc, Property Adviser to the Trust, commented: "Tothill Street was originally acquired to benefit from the improving office market in Westminster with a strong tenant in occupation. We have taken advantage of a strong capital market to sell our interest before the tenant vacates, crystallize the excellent return on our investment and re-cycle our capital.”
WELPUT was represented by Strutt & Parker. The purchaser was represented by DTZ.
Source: FTI Consulting