Investment manager Valad Europe has completed the sale of the first of the assets it managed on behalf of receivers for the Gemini (Propinvest) portfolio.
Investment manager Valad Europe has completed the sale of the first of the assets it managed on behalf of receivers for the Gemini (Propinvest) portfolio.
The 3,900 m2 office complex at 20 Farringdon Street near the City of London is located 500 metres south of the site of the future Farringdon Crossrail station and opposite the proposed new Goldman Sachs headquarters.
The identity of the purchaser has not been revealed but the purchase price is reported to be in the region of £16 mln (€18.8 mln). This represents an 8% premium on the most recent valuation of the property.
Valad Europe head of UK real estate Rob Howe hailed the successful sale. ‘We were appointed in December to manage 25 of the assets. Our remit is to improve income and capital values where possible to maximise recoveries and we have demonstrated this with Farringdon Street,’ he said.
‘As part of this ongoing process, we will continue to implement our business plans involving intensive asset management of the remainder of the portfolio.’
CBRE acted on behalf of Valad Europe during the deal. Savills acted on behalf of the purchaser.
