American investment fund Westbrook has bought a £400m property portfolio from Prudential.
The off-market deal has been quietly negotiated outside the agency community over the past six months and finally signed on Wednesday 30 November.
The Prudential portfolio made up of 22 office, retail and industrial investments from Prudential and Scottish Amicable Life Funds’ holdings is Westbrook’s second largest single acquisition in the UK following the £465m acquisition of a mixed portfolio from a private vendor in 2002.
The acquisition was led by Westbrook principal Mark Donnor, who runs the fund’s European operation with Nic Fox.
Seven of the properties are in the West End of London, the biggest of which are:
- 250 Euston Road, NW1, a 150,000 sq ft mirror glass clad office building that was let to University College London NHS Trust for its administration and educational departments in February 2004;
- and Central Cross on Tottenham Court Road, W1, a 160,000 sq ft, 1970s office and retail block which was refurbished 10 years ago.
A source said: “Euston Road is dry, but some of the other assets are quite messy, working assets, which are ideal for Westbrook.”
The other West End properties are 27 New Bond Street, W1, Berwick House on Oxford Street W1, Castle House on Eastcastle Street, W1, 43/44 Albermarle Street, W1, and 42/44 Grosvenor Gardens SW1.
Westbrook now has more than $2bn (£1.15bn) invested in property in the UK and France, including in excess of £800m in the UK following the Prudential acquisition.
It bought the £93m Greycoat portfolio of mostly City of London properties 18 months ago.
References: EGi News 08/12/05
