Gatehouse Bank has acquired the UK headquarters of pharmaceutical giant Procter & Gamble from Prupim for £31.55 mln (EUR 35 mln). This is the first acquisition by the bank's real estate team, which originated, advised and funded the investment for a syndicate of private clients from the GCC region.
Gatehouse Bank has acquired the UK headquarters of pharmaceutical giant Procter & Gamble from Prupim for £31.55 mln (EUR 35 mln). This is the first acquisition by the bank's real estate team, which originated, advised and funded the investment for a syndicate of private clients from the GCC region.
The Procter & Gamble headquarters is a 10,000-m2 Grade A office and conference facility constructed in 1995 on The Heights, Weybridge, Surrey. The property is let in its entirety to Procter & Gamble until June 2020 providing over 10 years of guaranteed income.
Allowing for purchaser's costs, the acquisition reflects a net initial yield of 8% and was partially financed by £19.71 mln of Shariah compliant funding.
Richard Thomas, CEO of Gatehouse Bank, commented: 'From the outset, our intention has been to act as a bridge between the Middle East and the West, and this is a perfect example of how we add value in achieving this for our clients.
'This investment clearly shows the benefits of merging Gatehouse with GSH UK earlier this year, bringing together strong real estate experience with investment, funding and advisory expertise. It is also a clear indication that the UK remains an attractive investment environment for dollar based investors and we are confident that this will be the first in a series of similar investments.'
The real estate team at Gatehouse Bank - Philip Churchill, Adam Cavanagh and Stuart Jarvis - were advised by Knight Frank with additional input from law firm Trowers & Hamlins.
