The various owners of Plantation Place in the City this morning confirmed the sale of their stakes in the 550,000 sq ft building.
An entity of Brazilian banking mogul Moise Safra has bought the building for around £470m – a circa 5.5% yield. Jamie Ritblat’s Delancey will manage the property on behalf of Safra.
Shareholder Schroder Real Estate Investment Trust made a profit of £11.7m on its 28.9% stake in One Plantation Place Unit Trust, the owner of Plantation Place, EC3.
The fund manager, which acquired the stake via its takeover of Invista’s manadates, said its investment in OPPUT was held at nil in its latest net asset value announcement, made on 25 April, as at that point there was no certainty that the disposal would complete.
Schroder chairman Andrew Sykes said: “Realising the investment in Plantation Place was identified as a key initiative to be implemented by Schroder following its appointment as investment manager in January 2012.
“As well as being significantly accretive to NAV, the proceeds of the disposal provide the company with increased operational flexibility to pursue its key strategic objectives of improving dividend cover and achieving balance sheet efficiency.”
Fellow shareholder Stobart said it had realised profits of £8.1m from the sale.
Capital Real Estate Partners advised Safra; GM Real Estate and CBRE acted for the sellers.