UK REIT London & Stamford Property has exchanged contracts with Project Red, a subsidiary of Qatari Diar, to acquire Moore House in London on behalf of its newly formed Central London Residential Joint Venture. The transaction price amounts to £147 mln (EUR 183 mln) excluding costs.
UK REIT London & Stamford Property has exchanged contracts with Project Red, a subsidiary of Qatari Diar, to acquire Moore House in London on behalf of its newly formed Central London Residential Joint Venture. The transaction price amounts to £147 mln (EUR 183 mln) excluding costs.
London & Stamford has a 40% interest in the joint venture and will fund its share of the acquisition out of existing resources.
The property forms part of the Grosvenor Waterside Development and occupies a prominent position at the front of the development on Ebury Bridge Road, London. The Joint Venture has acquired the entire residential building of Moore House comprising 149 units totalling 11,000 m2 of net lettable area and 97 car parking spaces. Each unit is held by way of a 999 year leasehold interest.
The apartments comprise a mix of studios, flats and duplexes set over nine floors. The Grosvenor Waterside Development also has nursery, gym and spa facilities.
Raymond Mould, chairman of London & Stamford, said: 'The Central London residential market continues to show signs of strong rental and capital growth and we are delighted to have acquired this prime property, the first for our newly formed residential Joint Venture.'
