Europa Fund II has purchased Imperial House, Windsor in a joint venture with St Congar Properties from The Crown Estate. The financial details were not disclosed.
Europa Fund II has purchased Imperial House, Windsor in a joint venture with St Congar Properties from The Crown Estate. The financial details were not disclosed.
Knight Frank and Burges Salmon advised The Crown Estate while Lewis Ellis, Savills and Maples Teesdale advised Europa Capitaland St Congar Properties. Europa Fund II is the second Europe fund created by London-based Europa Capital.
Built in 1983 as the headquarters for Rank Hovis McDougall, Imperial House comprises 4,300 m2 of offices set on 1.9 hectares close to Windsor town centre. It is currently occupied by Intercontinental Hotels Group Services Company.
Jim Yates, head of regional and residential portfolio at The Crown Estate, said: 'We are pleased to achieve the successful disposal of this non-core asset at a favourable price, despite current market uncertainties. This fits with our broader investment strategy and the funds will be used to diversify our portfolio into other areas and sectors.'
The transaction coincided with the largest ever property swap in the West End of London as The Crown Estate conducted a EUR 475 mln exchange of three properties in the West End with Great Capital Partnership (GCP), a 50:50 partnership between Great Portland Estates and Liberty International subsidiary Capital & Counties. In return, The Crown Estate acquired three new leasehold properties, one freehold and more favourable terms on a number of its other leaseholds.
Click on the link below to read more about the property swap.
