National business law firm, DWF, has advised Peakside Capital (“Peakside” / the “Company”), a specialist European real estate private equity firm, on the sale of 80 Hammersmith, a 41,548 sq ft redeveloped Grade A office building in Hammersmith, West London to Britannia Invest A/S for in excess of £20 million.
Peakside, together with Mercer Real Estate Partners, acquired the then vacant asset in April 2011 on behalf of the Peakside Real Estate Fund I. The Company subsequently undertook an eight-month, £3.7 million redevelopment and refurbishment plan. At the same time a comprehensive letting programme was established, that enabled the Company to let 100.0% of the Property within a 16 month period at average prices of GBP 36.4/sq ft.
The asset now benefits from good sized, rectangular and efficient floor plates, a new VRF air conditioning system, 47 secure parking spaces and a completely reconfigured ground floor reception area. Lettings have been secured with major tenants including Playtech, the world’s largest listed online gaming software supplier, Marsh and Parsons, CF Partners, Priory and PA Resources.
Boris Schran, founding partner and Head of Acquisitions at Peakside, commented: “We saw an opportunity to reposition an underperforming asset into a market with a clear undersupply of grade A office space, with supply currently standing at only 0.7%. After a substantial refurbishment programme, we have been able to lease up the building with premium tenants to create an institutional quality product.
“This transaction is typical of our approach and ability to source underperforming assets with potential, quickly turn them around and then bring them to the market at an attractive price for the benefit of our investors.”
Leading the deal, Jim Speed, Partner in the Real Estate group at DWF, said: “We have a wealth of experience in advising clients on this type of transaction. Our proactive and commercial mind set ensured this transaction was delivered in a short timeframe and we are pleased to have supported Peakside and Mercer Real Estate Partners in the delivery of this exciting project.”
Herbert Smith Freehills advised Britannia Invest A/S.
http://www.dwf.co.uk/news/dwf-press/dwf-advises-peakside-capital-on-20-…
