GLL - Commercial Real Estate Case Study - Cushman & Wakefield

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Extensive transaction history on a prime City asset


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The Challenge

Cushman & Wakefield has a long history of working within Central London, often this will mean that we will work on deals for the same building over the years as it passes from seller to buyer. Governors House, Laurence Poutney Street is one such example, a 125,920 sq ft, freehold office property in the heart of the City.

 


The Solution

C&W was instructed by a private investor to sell the freehold interest in this property, which is let to Prudential Assurance Plc. The sale was marketed to a range of investors, including a number of property funds and listed real estate companies. The property was sold for £128 million to New Star Asset Management, reflecting a net initial yield of 4.25%.

In 2009, we acted for GLL to purchase the property from New Star Asset Management. The property was purchased for a price of £75 million, reflecting a net initial yield of 7.25%.

We subsequently advised GLL on the sale of the property in 2010.

 


The Results

Our in-depth knowledge of this asset, combined with our network of active international investors, meant we were able to market this investment opportunity and attract the most aggressive capital to achieve the maximum price for the client at that time. 

The team sold the building to an overseas investor £86 million, reflecting a net initial yield within the region of 6.3%.

 

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