11 October 2017
Grosvenor Europe sells 10 Grosvenor Street
Grosvenor Europe (Grosvenor), has completed the sale of 10 Grosvenor Street on behalf of Grosvenor London Office Fund (GLOF).
10 Grosvenor Street is located at the eastern end of Grosvenor Street, in the heart of London’s West End. The building is in close proximity to a diverse range of corporate head offices and some of London’s best arts, retail and hospitality including Bond Street and Mount Street.
Grosvenor acquired 50% of the asset on behalf of GLOF in 2007 and purchased the remaining 50% in 2014 from Hammerson Plc. The building provides approximately 65,000 sq ft of high quality modern office space and was recently refurbished by Grosvenor in 2016. The building is let to a number of high quality tenants.
The long lease hold interest of the asset was sold to a buyer based in Hong Kong for a price of approximately £152m reflecting an initial yield of 3.7%.
Scott Rowland, the fund manager who led on the sale negotiations, commented: “This sale underpins the manager’s value add strategy of recent years, namely buying fundamental good buildings undertaking refurbishments and re-letting and then selling. We are very proud of the asset we have produced and the returns we have delivered to the investors in GLOF.”
Grosvenor was advised by Knight Frank the buyer was advised by Michael Elliott.
For more information contact:
Rebecca Dwyer, Press Office
020 7312 6101
Notes to Editors
Grosvenor Europe invests in, develops, operates and manages real estate assets and funds, with a focus on six European cities: Paris, Lyon, Stockholm, Madrid, Milan and Liverpool.
We specialise in mixed-use property, with strong expertise in retail and leisure and have a growing focus on residential development. We combine our local knowledge with Grosvenor Group’s 340 years’ experience in global real estate, providing access to European markets for international partners and creating value for our Shareholder, investment partners and the local communities in which we work.
As at 31 December 2016 Grosvenor Europe managed £2.9bn / €3.43bn of assets including Liverpool ONE in the UK, Skärholmen Centrum shopping centre in Stockholm and a portfolio of residential developments in central Madrid.
For more information visit the website www.grosvenor.com @GrosvenorEurope