Ashby Capital LLP, the real estate investment advisory firm, advised its group Investment Company on the purchase of 200 Aldersgate for circa £225m in its first major acquisition since it was launched by Peter Ferrari in June 2013.
The London-based investment advisory firm fought off competition from ten bidders in order to secure the landmark office block in EC1.
The building, which is located just 200 metres from the new entrance to Farringdon Station, is 95% let with 24 different tenants, including FTI Consulting, Thomas Cook and Prêt à Manger.
Comprehensively refurbished and repositioned by leading UK property developer, Helical Bar plc, it offers approximately 434,005 sq ft (40,320.4 sq m) of high quality office, retail and ancillary accommodation.
Founded by Peter Ferrari, Ashby Capital is exclusively backed by a private investor with funds of £1.5 billion to invest. The firm will target a range of real estate investment opportunities in prime locations in Central London, including offices, residential, retail, mixed-use and development opportunities.
Commenting on the transaction, Peter Ferrari, Chief Executive, said:
“We are delighted to have secured our cornerstone investment in this fast growing area of London. The building has been expertly refurbished by Helical Bar and offers excellent prospects for rental growth. With 24 tenants I am sure there will be many opportunities over the coming years to further improve the asset.”
Gerald Kaye, Development Director at Helical Bar plc, commented:
“We are delighted to have been responsible for the successful refurbishment and letting of 200 Aldersgate and to have created an exciting investment going forward. The crystallisation of the profit from 200 Aldersgate is a significant milestone achievement for the Group, creating considerable value for our shareholders. We look forward to our half year result with confidence.”
CBRE and Savills advised on the transaction.