Cushman & Wakefield global real estate advisor recently advised GWM Group in the exchange of contracts to buy 16-17 Connaught Place for £110m.
The fund manager, which is headquartered in Luxembourg and mainly backed by Italian capital, has swooped to buy the Marble Arch offices from the West End of London Property Unit Trust (WELPUT) at a yield of 4.7% in a deal that is GWM’s first purchase in London since it helped finance the development of Aldgate Tower in east London in 2013.
The 81,859 sq ft property is multi-let to a range of tenants including Spencer Stuart and Hunter Boot, the celebrity-favoured wellington boot company.
Gennaro Giordano, managing partner at GWM Group, commented: “The acquisition of Connaught represents a first step into our new strategy aimed at offering our investor base exposure to core / core+ assets in London and other major cities, with a target size of minimum £500m.”
“We acquired a well-managed and income stabilised property in central London which we expect will further benefit from the regeneration of the Marble Arch area in the near future.”
Andrew Thomas, Partner in Central London Investment commented: “This transaction demonstrates two points. One, the diversity of capital that is attracted to London – this is the first Italian purchase for some time in London – but more importantly it highlights the strength of the Cross Border network.
“The original contact with this client came from the Milan office some years ago and by all maintaining regular dialogue, it has allowed us to share information from the client to the benefit of both offices.”