Month: July 2018
17 July 2018
YardNine and Invesco acquire 40 and 50 Eastbourne Terrace, Paddington
YardNine, the real estate development company, and its funding partner, Invesco, have purchased 40 and 50 Eastbourne Terrace in London’s Paddington from Hermes Real Estate Investment Management for £110 million.
40 Eastbourne Terrace is an 84,450 sq ft office building occupied by construction company CB&I until 2021, while 50 Eastbourne Terrace has planning consent for a new 94,185 sq ft office and retail scheme with a terrace of seven mews houses.
The two buildings sit directly opposite London Paddington station, which will welcome the Elizabeth Line from the end of the year.
Maxwell Shand, Founding Director of YardNine, said:
“This significant West End deal complements our ongoing development of 80 Fenchurch Street with Partners Group which started on site earlier this year. 40 and 50 Eastbourne Terrace offers an exceptional opportunity to create value through a combination of asset management and development in an appealing submarket that is undergoing significant regeneration.”
Rob Johnston, Senior Director – UK and Nordic Transactions at Invesco, said:
“With a part income producing asset and a consented speculative office and residential scheme ready for development in a location set for increased connectivity thanks to Crossrail, this is a compelling investment proposition. We are pleased to be working with the experienced team at YardNine on this exciting deal.”
Chris Taylor, Head of Private Markets at Hermes Investment Management, said:
“This disposal of 40 and 50 Eastbourne Terrace concludes our proactive management of the asset. Capital from the sale will be redeployed into places which are accessible, sustainable and capable of attracting and retaining talent.”
The London office acquisition was made on behalf of one of Invesco Real Estate’s separate account clients.
Farmer Capital represented Hermes Real Estate Investment Managers; Michael Elliott and Colliers advised YardNine and Invesco.