EstCapital Sells 7/8 St Martins Place, London, To Welput
4 Jul, 2011, London
EstCapital has sold 7/8 St Martins Place to Welput for £41 million, which would reflect an estimated 5,75% net initial yield. With the sale EstCapital has produced an asset, levered IRR of circa 24% over the two years investment period.
The 48,000 sq ft office building adjoins St Martin-in-the Fields and is less than 100 metres from Trafalgar Square. The office space is let to Redwood Publishing with four years unexpired. There are also two ground level retail units which are let to the Post Office and Pret A Manger.
The Italian fund manager, EstCapital, held the building for two years, having purchased the building in July 2009 for circa £33 million.
EstCapital is a leading private Italian fund manager specialized in the set up and management of real estate closed-end funds for qualified investors. Established in 2004, EstCapital currently has total assets under management of approximately Euro 1,5bn.
Cushman & Wakefield advised EstCapital and Strutt and Parker advised Welput.