Evans Randall shops in London and Amsterdam

Evans Randall has announced three new acquisitions worth over £110 mln (€130 mln) in the UK and the Netherlands.

The privately held UK investment group has purchased the freehold of 15 Sackville Street, Mayfair, London W1, a 3,200 m2 office development completed in late 2011, from Mitsui & Co. The investment volume of close to £60 mln, represents a yield of 5.5%.

The top floor of the seven-storey building is let to Gulfstream Aerospace and Evans Randall intends to rent out the remaining office space to increase the value of the asset. The property also includes three residential apartments. Senior debt was provided by Aareal Bank.

In a separate transaction, Evans Randall in partnership with Al Salam Bank Bahrain has bought 4 & 5 Queen Street, also in London’s Mayfair. This will be Evans Randall's first residential development.

With a gross development value of £35 mln, the project will provide some 1,130 m2 of residential space spread over six luxury bedroom apartments in the 18th century properties. The properties, most recently used as offices, were acquired from a privately held company.

The apartments, to be developed by Evans Randall in a joint venture with Amodoma Capital and developer Paul Roshan, are due for completion and sale in late summer 2014.

In a third acquisition, Evans Randall has paid around £16 mln to the developer of the Telecity data centre near Amsterdam Schiphol Airport. The centre totals some 13,750 m2 and is let to Telecity on a 20-year lease.

This will be Evans Randall’s second data centre asset, following the purchase in 2012 of Sovereign House in London’s Docklands, also leased to Telecity.

'These three acquisitions reflect our prevailing strategy of investing in high quality properties with asset management potential,' said Michael Evans, chairman of Evans Randall.

CBRE advised on the 15 Sackville Street transaction and Vista Banking & Real Estate Advisory represented Evans Randall on Telecity, Amsterdam.