Rockspring Property Investment Managers LLP Company has started acquiring commercial property in London on behalf of its undertaking for the National Pension Service of Korea under the name of its partnership, NPS Central London Property Limited Partnership. Under the said partnership, Rockspring has already acquired two properties, namely 88 Wood Street, London EC2 and 40 Gosyenor Place, London SWI.
The company has purchased the 88 Wood Street properties from its erstwhile owner ING Real Estate Investment for a sum of £184m whereas it has purchased only 50% of the interest in the Gosyenor Place property for £85m from Invista Real Estate Investment Management.
The property at 88 Wood Street spans over 247,000 Sq ft and has over seventeen floors, which houses the offices of eminent companies like Mitsubishi, Hewlett Packard Ltd, Bryan Cave, National Australia Bank and Collins Stewart Ltd. Most of these companies have leases for nearly ten years and yield an annual income of nearly £13m. Additionally, Rockspring has also worked out a deal with Bayern LB for facilitating its debt amounting to £91m.
The second property acquired by Rockspring, namely, 40 Gosyenor Place is situated in Victoria, which is a central place for desk space London, and the company owns property in six floors of the property. Leases include companies like EDF Energy, Blue Crest, LEK Consulting and Capital international. Rockspring owns only 50% of the rights in this property and the remaining 50% is owned by Grosvenor London Office Fund. The total income in terms of rents coming from this property to Rockspring amounts to £12m per annum.
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This entry was posted
on Tuesday, November 17th, 2009 at 9:06 am and is filed under Business Opps, Plugging, Real Estate Profits.
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