Tristan Fund Agrees £16.9 Million Sale Of Office Building in City Of London Financial District
Source: Tristan Capital Partners
London: An opportunity fund advised by Tristan Capital Partners, the pan-European real estate investment manager, and its operating partner Addington Capital have sold Randall House in London’s main financial district to an international client of the Salamanca Group for £16.85 million.
European Property Investors Special Opportunities 3 (EPISO 3) is selling its majority interest in the 15,853 sq.ft. office building with a listed façade on Dowgate Hill, near Cannon Street railway station. The fund and Addington Capital acquired the vacant building in August 2014 and have subsequently agreed a new 150-year leasehold, carried out an entire refurbishment and by February 2017, had leased up all six floors of available space.
Peter Mather, Managing Director of Investments at Tristan Capital Partners, said: “We have completely repositioned this property so that it will appeal to investors seeking a core, income-producing asset. The leasing and sale of Randall House is a healthy sign for the City of London office market, contrary to current sentiment about the impact of the U.K.’s pending departure from the European Union.”
Capital Real Estate Partners advised EPISO 3 and Addington Capital on the divestment.