Private equity company Evans Randall said on Thursday that it is joining forces with developer Core to carry out the refurbishment and extension of 90 Fetter Lane in London.
Private equity company Evans Randall said on Thursday that it is joining forces with developer Core to carry out the refurbishment and extension of 90 Fetter Lane in London.
Evans Randall completed the purchase of the asset from German fund manager WealthCap for £45 mln last November.
It is the Mayfair-based company's first acquisition since co-founders Kent Gardner and Paul Kendrick took full control of the business by acquiring the shareholding of former chairman Michael Evans.
The £100 mln Fetter Lane project is in line with the company's strategy to reposition out-of-date offices as a workspace suitable for companies in the creative, financials, media and technology sectors.
'We will unlock significant value from the asset by repositioning this building, tapping into a market which is currently undersupplied,' said Kent Gardner, Chief Executive of Evans Randall.
Law firm Bird & Bird, the building's current occupier, has already announced plans to move to new premises later this year. The move will allow Evans Randall to start work on the site in early 2017, with completion planned for the end of 2017.
