Ullapool purchases 24 Chiswell Street in London

Ullapool Properties Ltd ("Ullapool"), a Stenham managed property syndicate, today announced that it participated in the purchase of 24 Chiswell Street, a 76,393 sq ft virtual freehold property in the City of London, which completed on Monday 12 April 2010. The £31.3 million purchase price reflects a net initial yield of 7.16%. The property is multi-let to nine tenants including The Royal Bank of Scotland, Carnegie Investment Bank, and City University.

The property is adjacent to a number of landmark City buildings, including Ropemaker Place, City Point and Milton Gate.

Andy Taylor, Head of UK Property, commented: ‘We are delighted to have secured this asset. Our core strategy will be to enhance income through effective active asset management, extending leases at or before expiry, undertaking a rolling programme of refurbishment and securing new tenants for the two vacant floors.'

Ullapool invested in £9.5m of the Ordinary equity, securing a 48.7% holding.

Stenham Property currently has approximately £2 billion of assets under management.

Stenham Property was advised by Morgan Capital Partners LLP on the transaction and debt was provided by Lloyds Banking Group.

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