Felicity Devonshire has bolstered her reputation as one of the UK’s most acquisitive female private property investors, swooping on an 18-strong mixed-use portfolio.
Devonshire, the former joint owner of London & Henley Properties with ex-husband John de Stefano, is understood to be close to buying Isle of Man-based David Eyles’ West End & Metropolitan portfolio for £35m.
The price would represent a £6.5m hike on the asking price of £28.5m and a net initial yield of 4.75%.
The portfolio was expected to achieve a 6.24% yield.
The 120,400 sq ft mix of mainly offices, shops and housing is let to 51 tenants, including Countrywide Estates, the Co-operative Bank and Ask Restaurants, and produces £1.8m pa.
Ten of the properties are in London, and the largest is a 20,300 sq ft block of shops and housing in Weybridge.
The latest acquisitions bring Devonshire’s total investments in the last two years to just under £150m.
Her first solo foray into private investment came at the end of 2003 with the acquisition of 32 properties from Marine & General Mutual Life Assurance Society for £87m.
References: EGi News 20/06/05
