A Mayfair-based private investment bank has just spent £112m on UK property, two months after purchasing ABN AMRO’s London HQ for £175m.
Evans Randall has paid Sheffield entrepreneur Glen Maud £111.8m, a 6% yield, for the Hardwick portfolio.
It consists of a newly built 542,000 sq ft Rolls-Royce factory near Glasgow and an 80,000 sq ft B&Q warehouse in Doncaster.
The bank bought ABN AMRO’s 250 Bishopsgate, EC2, at a 4.25% yield in July.
Chairman Michael Evans said: “We are in discussions for similar buildings and I wouldn’t be surprised if we took spending to £1bn by the end of the year.”
The Hardwick portfolio was put up for sale in February at £101m, along with Maud’s £121m Hadden office portfolio.
Both portfolios are being handled by CBRE’s Andrew Mears, who is now on gardening leave after resigning with three other directors to set up a niche investment firm.
CBRE also advised Evans Randall.
In a separate deal, Morley Fund Managemen last week paid Irish syndicate Hunter Property Fund Management £30.7m, a 6.25% yield, for the Stag portfolio.
It consists of four offices, the 22,200 sq ft Grand National Retail Park in Aintree and a 4,600 sq ft shop in Croydon.
Cushman & Wakefield Healey & Baker advised Morley. Strutt & Parker advised HPFM.
References: EGi News 19/09/05
