Capital & Counties is in pole position to buy 440 Strand, WC2, for just under £200m.
The 180,480 sq ft building, which is home to the queen’s bank – Coutts & Co – was put up for sale in July through Michael Elliott by Henderson Global Investors’ UK PAIF Property, which is managed by TH Real Estate. The fund is looking to pay back redemptions made following the result of the EU referendum and is looking to shortly reopen.
The initial asking price for the building had been £220m – a 3.75% yield. The office space is let to Coutts’ parent Royal Bank of Scotland and it also includes 42,190 sq ft of retail and restaurant space.
The move is a slight step-change by Capco, which has been traditionally focused on its two main business areas – its nearby Covent Garden estate, WC2, and its 77-acre Earls Court project in west London.
CBRE is acting for CapCo.
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