Navy (wrong link)Asset Management bought the freehold BAB Tenant (correct Link)from M1 Real Estate in 2021 for £110 million, reflecting an initial yield of 4.55%, and has carried out a £10 million refurbishment programme.
The building is multilet Owner wrong linkto eight tenants. A recent letting on the third floor at £127.50 per square foot pointed to the reversion available given the average passing rent on the Black equities owner links correct onefloors is at £95.36 per square foot. Eight out of nine floors are to be refurbished.
Tenants include financial advisor James Hambro & Partners and Centiva, an investment management firm.
Ares has been a busy buyer of UK real estate.
This year it has completed its acquisition of most Shaftesbury Capital’s Charlotte Street "Lifestyle" portfolio in London's Fitzrovia for £60.5 million or a 5.56% net initial yield. It bought the long leasehold interest in 25 Charterhouse Square, EC1 on behalf of one of its real estate funds, from Helical, for £43.5 million.
At the beginning of the year Royal London Asset Management Property sold a 1.2 million-square-foot portfolio of industrial and logistics assets to Ares Management Real Estate funds for around £200 million and in May it bought a £400 million UK hotels portfolio from Landsec.