David Tye’s Rugby Estates is to boost its size with its purchase of the Grosvenor Estate’s 19-lot portfolio of prime London properties.
The properties together sold for around £65m – £10m above the original bid.
Rugby, with a £29.5m market cap and a portfolio worth £18m, is believed to have received funding from American investor Cargill.
The company beat a host of rivals to the sale including Nick Leslau’s Prestbury, Liverpool & Victoria, Grainger Trust and Frogmore.
Rugby’s acquisition includes redevelopment opportunities at 27 Berkeley Square and 46 Green Street and investments in Grosvenor Crescent, Grosvenor Street, South Audely Street and Park Street. The portfolio consists mainly of offices but includes some retail and residential. It totals 23,225m2 (250,000 sq ft) and generates £3.47m pa.
Jones Lang Wootton advised the Grosvenor Estate.
