Royal Bank of Scotland has ousted Capital & Counties in the running to buy the London headquarters of Coutts, the Queen’s private bank, for around £198m – a yield of 4%.
RBS, which exercised a “first right of refusal” to buy the property, intends to asset manage the ground floor retail unit.
The 180,480 sq ft property, at 440 Strand, sits in the Henderson Global Investors’ UK PAIF Property and PAIF Feeder Fund, and was marketed by Michael Elliot on behalf of TH Real Estate.
The fund was one of several UK property funds that suspended trading after the EU referendum to regulate redemptions by investors.
TH Real Estate bought the Coutts headquarters from Legal & General in July 2014 for £175m – understood to be the first time that 440 Strand was put up for sale in isolation since Coutts occupied it in 1904.
Cushman & Wakefield represented RBS.
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