The property company set up by a duo of Jones Lang LaSalle directors has made a return to the market with a trio of deals on behalf of a giant private equity fund manager.
Investream, set up by Jones Lang LaSalle corporate finance directors Mark Morris and Maurice Golker, has undertaken three deals where it has acted as investment and asset manager for US firm Angelo Gordon, totalling more than £100m.
It has been undertaking high yielding deals with asset management opportunities on behalf of Angelo Gordon, and has formed a partnership with the manager to buy more.
The deals mark a comeback for the firm after its largest deal from the boom years, the Leadenhall Triangle development site, went into administration last year.
In the largest deal it has bought Senator House on Queen Victoria Street in the City of London for around £70m from Irish investment firm Avestus Capital Partners, reflecting a yield of almost 8.75%. The 155,000 sq ft building is multilet, and will now be refurbished in an effort to drive up rents.
In the past twelve months Angelo Gordon and Investream have also bought Trinity Square and Somerville House, Hounslow in a joint venture. The JV purchased the 117,264 sq ft asset from a client of DTZ Investment Management in an all cash transaction for £15.4m - reflecting an initial yield of 11.83%.
The properties, situated near the apex of Staines Road and Bath Road, are 90% leased to multiple tenants including to American Airlines for their European HQ. The duo have also bought Frimley Business Park in Surrey for £15m.
The price for the 13.4-acre park, developed in the late 1980s by Arlington, reflects a 13.2% yield.
The park comprises nine office buildings totalling 161,074 sq ft and includes a 1.6-acre development site with consent for two offices extending to 75,000 sq ft.
Current occupiers at the park include Alcatel Lucent and the Environment Agency.
Investream was represented by Lewis and Partners in all three deals. LaSalle was advised by BNP Paribas Real Estate. Strutt and Parker advised DTZ Investment Management.
31 August 2007