Hong Kong investor Chanco Investment Group has made its London debut with the purchase of WELPUT’s office-led 7-8 St Martin’s Place, WC2, in a £65m off-market deal.
The price paid by Chanco for the 48,000 sq ft island site reflects a 3.6% net initial yield.
Current occupiers include the Post Office and Redwood Publishing.
Nigel J Kempner of Grafton Advisors, property adviser to the Schroders-managed WELPUT, said: “This opportunity to sell to Chanco Investment Group provided the ability to maximise the value returns to unit holders whilst providing the opportunity to recycle the capital into new investments across central London, such as our recent Regents Wharf transaction.”
Strutt & Parker advised WELPUT; CBRE acted for the buyer.
At the same time, CBRE Capital Advisors has been appointed as global capital raising agent for WELPUT.
The appointment follows the recent modernisation of WELPUT and conversion to a more open-ended vehicle in October.
The new structure aims to improve liquidity for existing investors through regular subscriptions and redemption, and also makes WELPUT available to new institutional investors.
