Mishcon de Reya advises on Almacantar's acquisition of major west end asset
Mishcon de Reya has advised Almacantar on the acquisition of CAA House and 1 Kemble Street, London in London's West End from Tishman Speyer.
CAA House and 1 Kemble Street are large inter-connected office buildings, with a total net internal floor area of 229,164 sq ft, located on the western side of Kingsway. They are both held freehold and are leased to the Civil Aviation Authority until December 2019 at £6.213 million pa, reflecting an average rent of £27.11 per sq ft.
This is Almacantar's third major acquisition, having previously acquired the iconic 34-storey Centre Point in April 2011 and the 22-storey Marble Arch Tower in June 2011. The property investment company which was founded in February 2010 is a new client for Mishcon de Reya.
The Mishcon team was led by partners Stephen Hughes (real estate), Ross Bryson (corporate) and Mike Bardell (banking) with assistance from Claire Manches, Dhara Bhatt (both real estate) and Laurence Jacobson (corporate). Partner Jonathan Legg advised on tax issues.
Mike Hussey, Chief Executive of Almacantar said,
We are delighted to have acquired CAA House and 1 Kemble Street. The properties are a good fit for our portfolio extending the timeline for our value-add activities to 2020. It is a location that we expect to perform strongly given its proximity to Covent Garden and the restricted supply of office space in the West End.
Julian Stocks, Managing Director at Tishman Speyer said,
We are very pleased to have sold this asset to Almacantar. The funds released will be put to work on our exciting development projects which are underway in Paris and Frankfurt.
For further information, please contact Stephen Rowe.