Field Fisher Waterhouse advises RREEF on sale of W1 building
10 January 2008
Field Fisher Waterhouse LLP
has advised RREEF UK on the sale of a building in Jermyn Street to
private Irish investors for £6.54 million.
RREEF, the global alternative
investment management business of Deutsche Bank’s Asset Management
division, has sold 96-97 Jermyn Street, and 2 Ormond Yard, London
W1. The mixed-use property comprises over 7,000 sq ft of retail and
offices, and has a rent in excess of £260,000 pa. The sale
represents a net initial yield of 3.85%.
The building is predominantly
let to menswear retailer Harvie & Hudson, on a lease expiring
in 2024. The remainder is let to office occupiers MB solutions,
Sapiance Capital Ltd, Quaglianos Restaurant and Pall Mall Money on
short term leases.
The real estate team advising on this deal consisted
of partners Paul Houston and Denise Sexton, assisted by solicitor Daniel
Lichman.
Field Fisher Waterhouse was
re-appointed to RREEF’s real estate legal panel in September,
having worked with the company for seven years.
The firm has advised on
numerous property investment transactions including the recent sale
of the Eddie Stobart Distribution Centre in Sherburn for £21.25
million and the sale of Erith Shopping Centre for over £25 million.
The firm also advised RREEF on the recent purchase of the Caudwell
Portfolio from 20:20 Mobile Group Limited for around £23 million.
Colliers Jackson-Stops advised
the purchaser.
For further press
information, please contact:
Louise Eckersley, PR Manager,
Field Fisher Waterhouse LLP on 020 7861 4120
Scarlett Yianni, PR Assistant,
Field Fisher Waterhouse LLP on 020 7861 4795