Forsters act on sale of 25 Great Pulteney Street
Forsters has advised F&C Commercial Property Trust Ltd ("FCCPT"), managed by BMO Real Estate Partners ("BMO"), on the sale of 25 Great Pulteney Street, a prime new build office asset in Soho for £54.4 million. The property was acquired by Orchard Street Investment Management on behalf of St James’s Place. The purchase price represents a yield of 3.96%.
The seven-storey building, which was fully redeveloped by FCCPT, comprises 32,500 sq ft of high quality, contemporary Grade A office space, which is fully let to multinational advertising and public relations company WPP, leading alternative investment management firm CarVal Investors, life sciences focused investment firm Medicxi Ventures and investment advisory firm Zebedee Capital Partners.
Daniel Plummer at BMO, acting for FCCPT commented: “FCCPT developed this property in 2011 and has now crystallised the value created. The sale has also reduced the Company’s exposure to Central London and allows capital to be deployed elsewhere.”
Commercial Real Estate partner, Sarah Pass, advised FCCPT on the disposal, assisted by Jade Capper.