Rockspring Property Investment Managers has sold the Fox Court office building in Central London to Magnus Real Estate, a UK-based investment and management platform backed by Karlin Real Estate.
Rockspring Property Investment Managers has sold the Fox Court office building in Central London to Magnus Real Estate, a UK-based investment and management platform backed by Karlin Real Estate.
The £70 mln (€95.5 mln) sale was carried out on behalf of the UK-focused, open-ended fund Rockspring Hanover Property Unit Trust.
Hanover acquired Fox Court at 14-22 Grays Inn Road in July 2010. The office building comprises 99,644 sq ft (9,260 m2) together with 36 car parking spaces in the basement.
During its ownership, Hanover achieved planning permission for a further 25,263 sq ft of new office and retail space as well as for a new entrance on Brooke Street. Terms have also been agreed for a new ground floor retail unit to be pre-let to Tesco for 20 years, with indexed uplifts.
Mischa Davis, fund manager for RHPUT said: 'Having fully and successfully executed our business plan at Fox Court we have taken the opportunity to realise the profit and will look to recycle it into the regional markets where we are seeing some interesting investment opportunities.'
Rockspring was advised by Knight Frank, whilst Magnus was advised by Vengrove.
