Le mie ricette per la real estate communityUBS Asset Management’s Real Estate & Private Markets business announces that its Triton Property Fund LP has completed the disposal of 99 Clifton Street in London’s Shoreditch to a private overseas investor for GBP 59 million.
Triton acquired the 45,255 sq ft property off-market for GBP 38.25 million in 2015 when it was still under construction, having identified its potential based on its strategic location in one of London’s fastest growing sub-markets on the periphery of the emerging Tech City. Triton immediately launched a marketing campaign and successfully secured a pre-let on the entirety of the seven-storey property to a sole tenant. The global media firm occupier agreed to a 15-year lease at an average rent in excess of GBP 60.00 per sq ft, producing annual rent of GBP 2.8 million.
99 Clifton Street was developed to the highest specification (Category A) with strong sustainability credentials (Very Good BREEAM rating). The asset’s exceptional quality, coupled with the strength of its covenant, presented a compelling investment proposition for its new owner. Furthermore, its already strong location is set to be further enhanced with the arrival of Crossrail, which will serve the nearby Liverpool Street station and was one of the driving factors behind Triton’s initial conviction in the asset’s potential.
Jonathan Hollick, Triton’s Portfolio Manager, commented: “Following four years of strong performance, the property has more than delivered its business plan. Accordingly, we made the decision to crystallise the value it generated for our clients and look forward to reinvesting the proceeds into attractive new opportunities that are in line with the strategy of the Fund.”
Source : Company
