Rockspring sells Oriel House, Richmond for GBP9m
Rockspring Property Investment Managers has sold Oriel House, The Quadrant, Richmond, on behalf of the Rockspring UK Value Fund (RUKV) to an institutional client of Aviva Investors for GBP9m.
The deal reflects a net initial yield of 6.85 per cent.
Oriel House, which offers 24,000 sq ft of office and retail space, is one of five buildings that made up the 252,000 sq ft St Martin’s South East office portfolio, acquired by RUKV in February 2011 for GBP47.78m.
This disposal follows shortly after the GBP31m sale of the 90,000 sq ft Kings and Conquest House, the largest building within the portfolio, in May 2013.
RUKV was launched in 2009 to take tactical advantage of the significant re-pricing in the UK property market. The closed-ended fund has built a portfolio of retail, office and student accommodation in diverse locations throughout the UK and following this disposal, will have assets valued in excess of GBP420m.
Richard Bains, Rockspring UK Value Fund manager says: “This sale demonstrates the depth of demand for well located, good quality assets in the Greater London office market, and is in line with RUKV’s strategy of executing opportunistic sales in order to continue to outperform our investor return targets.”
Anna Rule, Aviva Investors, says: “We are pleased to have secured a high quality asset that meets the requirements of our client.”
Rockspring was advised by Montagu Evans and Aviva Investors was represented by Lewis Ellis.