Irwin Mitchell Advise On Major West End Asset

London Team Completes First Deal For New Client

19.07.2012

Irwin Mitchell has advised its new client, Tishman Speyer, on the sale of CAA House and 1 Kemble Street in London's West End to Almacantar.

CAA House and 1 Kemble Street are large inter-connected office buildings, with a total net internal floor area of 229,164 sq. ft located on the western side of Kingsway.  They are both held freehold and are leased to the Civil Aviation Authority until December 2019 at  £6.213 million pa, reflecting an average rent of £27.11 per sq. ft.

This is property investment company Almacantar's third major acquisition, having previously acquired the iconic 34-storey Centre Point in April 2011 and the 22-storey Marble Arch Tower in June 2011.

Partners Rob Thompson (real estate) and Edward Persse (corporate) led the Irwin Mitchell team advising Tishman Speyer, with assistance from Rupert Dowdell, partner, and Alexandra Barker (real estate) and Paul Smith (corporate) and partner Simon Tweedle (finance.)

Mike Hussey, Chief Executive of Almacantar said, "We are delighted to have acquired CAA House and 1 Kemble Street. The properties are a good fit for our portfolio extending the timeline for our value-add activities to 2020. It is a location that we expect to perform strongly given its proximity to Covent Garden and the restricted supply of office space in the West End."

Julian Stocks, Managing Director at Tishman Speyer said, "We are very pleased to have sold this asset to Almacantar. The funds released will be put to work on our exciting development projects which are underway in Paris and Frankfurt."