Quintain acquires Aldermary House, EC4

RNS Number : 0337G

Quintain Estates & Development PLC

01 May 2014

 



1 May 2014

Quintain Estates & Development PLC

("Quintain" / "Company" / "Group")

Quintain acquires Aldermary House, EC4

In line with the strategy of broadening its London interests, Quintain has acquired all of the units in the Aldermary House Unit Trust, which owns the leasehold interest in Aldermary House, 10-15 Queen Street EC4, for £40.0 million in cash (before rental top-up adjustments).

The ten storey building is centrally located in the City of London opposite Bloomberg Place, the construction site of Bloomberg's new London headquarters, which is scheduled to open in September 2016 and will contain a new entrance to Bank Underground Station.

The rental income at Aldermary House, including top-ups, is approximately £2.5 million, representing a yield of 6.1%. The asset contains 61,990 sq ft of commercial space, of which 50,129 sq ft is office and 11,861 sq ft retail. 45,339 sq ft of the office space is let to 13 occupiers with a further 4,790 sq ft of recently refurbished space available to lease. The 11,861 sq ft of retail space is let to five tenants. The average rent, including the available space, is circa £42.00 psf.

The building has been partially refurbished in the last two years and the asset offers further opportunity for active management. The weighted average unexpired lease term across the building is 8 years.

The units in the Aldermary House Unit Trust are being acquired from AFH Investment LP, which is jointly owned by Columbus UK Real Estate Fund L.P. and the British Airways Pension Fund and managed by Columbus Capital Management LLP.

Maxwell James, Chief Executive of Quintain, said: "We are delighted to have made our second acquisition for Quintain's London Portfolio in this excellent City location.

"Our ability to actively manage the property, combined with the strength of the existing location and improvements that are underway, will deliver a strong and growing income stream, whilst providing the potential for additional value creation to the Group."

Quintain was advised by Michael Elliott. Columbus Capital was advised by Savills and Capital Real Estate Partners.

ENDS

Enquiries:
Quintain Estates and Development PLC	RLM Finsbury
Maxwell James / Richard Stearn Cressida Curtis	Jenny Davey Charlotte Whitley
Tel: [phone]	Tel: [phone]

Forward looking statements

This announcement is for information purposes only and contains certain forward-looking statements which, by their nature, involve risk and uncertainty because they relate to or depend upon future events and circumstances.

There are a number of factors which could cause actual results and developments to differ materially from those expressed or implied by these forward looking statements, including a number of factors outside Quintain's control. All forward-looking statements are based upon information known to Quintain on the date of this announcement and no representation or warranty is given in relation to them, including as to their completeness or accuracy or the basis on which they were prepared. Quintain gives no undertaking to update forward-looking statements whether as a result of new information, future events or otherwise. Information contained in this announcement relating to the Company should not be relied upon as an indicator of future performance.

 

END

 

 

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