Mishcon de Reya has acted for Rowan Asset Management and GI Partners on the sale of Aldwych House, WC2, for £250m – a yield of around 4.25% - to a Hong Kong-based investor. Aldwych House, is a classical Portland stone building dominating the eastern half of Aldwych.
Mayfair-based fund manager Rowan bought Aldwych Investments, the special-purpose vehicle in which the building was held, in December 2011 with GI Partners and Taurus Investment Holding for £82.7m. They have since undertaken a dramatic refurbishment of Aldwych House including a new reception and entrance hall, balconies, atria and roof terraces and subsequently secured a string of lettings, advised by Mishcon de Reya, to occupiers including WeWork, Comcast, Wasserman Media and Japanese restaurant, Roka. The 176,000 sq ft, 10-storey building is now 100% occupied.
The Mishcon de Reya Real Estate team was led by Partner Nick Minkoff with support from Legal Director Louise Tainton, Managing Associate Olivia Glekin, Associate Adrian de Mello and Planning support from Associate Lucy Langley. Nick commented on the deal: "It's been a pleasure to have worked with Rowan and GI Partners over the last six years on this asset. Following the acquisition, we have had to deal with more than one financing; major refurbishment works; the re-letting of the building; and now the sale. The building is now unrecognisable, at least on the inside, from when it was acquired and we are delighted to have been able to play our part in that transformation."
Rowan CEO, Nick Jacobs, added: "Aldwych House exemplifies the Rowan product: investing into complex London Real Estate, simplifying and energising buildings to create high quality sustainable investment".
Trowers & Hamlins advised on the corporate side of the sale and their team was led by Partners Alison Chivers and Tim Nye with support from Associate Sarah-Jane Purser. Mayer Brown acted for the investor on the purchase.
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