Evans Randall has teamed up with Bahraini bank Al Salam to acquire a 18,600m[sup]2[/sup] office property in the City of London for £127 mln (EUR 150 mln). The acquisition reflects an initial yield of 7.5%.
Evans Randall has teamed up with Bahraini bank Al Salam to acquire a 18,600m2 office property in the City of London for £127 mln (EUR 150 mln). The acquisition reflects an initial yield of 7.5%.
The pair announced on Monday that they had exchanged contracts with the vendor, UBS Global Asset Management (UK), for Milton Gate, 1 Moor Lane, London EC2. Al Salam Bank’s participation in the transaction was structured in compliance with Shariah principles. Evans Randall provided the equity for the acquisition.
Milton Gate is let to City law firm Addleshaw Goddard on a lease with 15 years remaining. Michael Evans, Chairman & CEO of Evans Randall, said the privately held UK investment banking and private equity group was actively seeking similar opportunities in partnership with Al Salam Bank.
Evans Randall was advised by its retained agent CB Richard Ellis.
