Wainbridge, the fund set up by former Hines directors Rob Rackind and Edouard Fernandez, is hoping to make it third time lucky by winning the race to buy Bechtel House in Hammersmith, W6.
The investor is in final negotiations with CBRE Global Investors to buy the 170,000 sq ft block for £53m – an 8.5% yield.
A deal had been in place to sell the property, which is let to Bechtel Engineering, to MGPA. However, the private equity firm feared that Bechtel would quit the building when its lease expires in September 2014, and CBRE decided to talk to other parties (EG 18 February, p33).
Wainbridge is now understood to have edged ahead of institutions Legal & General and Hermes to buy the property. The fund was previously underbidder to MPGA, and made an off-market approach to buy the block in 2011.
A source close to the deal said: “Hammersmith is an area Wainbridge has been trying to invest in for some time. It has become increasingly attractive to Wainbridge because some core West End companies are looking at options to move their headquarters there. The company is hoping it will be third time lucky, and go under offer this time.”
CBRE is advising the vendor, H2SO is representing Wainbridge. All parties declined to comment.
joanna.bourke@estatesgazette.com
