Evans Randall sells Milton Gate for £152 million after buying it less than 6 months ago

Evans Randall has agreed to sell its Milton Gate office complex in the City of London  for £152 million to Spanish insurance firm Mutua Madrilena.

If the sale goes through, Investment bank Evans Randall, on behalf of joint venture partner Al Salam Bank Bahrain, will make a £25 million return less than 6 months after it originally bought the property. The bank bought the building on Moor Lane, EC2, in June from UBS Triton Property Fund for £127 million. If the sale completes at £152 million, it represents a 6.25% yield. The 200,000 square feet scheme was developed by UBS Global Asset Management and Exemplar Properties and is let to law firm Addleshaw Goddard at £49.70 per square foot until September 2014.

The acquisition will be the first for Mutua since outlining its intensions to diversify its property portfolio by selling commercial property in Madrid and reinvesting the money in other European cities. The firm  is a large non-profit Spanish insurance company, which was founded in 1930 . It provides life, automobile, health and accident insurance as well as pension and investment funds

German closed-ended fund manager Signa Deutschland had previously attempted to buy the property for more than £155 million in October but gave up after it was unable to secure funding.

“Evans Randall has taken advantage of the wall of equity ready to buy in the City and realised a 125-point yield shift in their favour,” said King Sturge partner Patrick Cryer. “The market will not be surprised that it is under offer to a Spanish investor, as they have been particularly inquisitive in the last quarter of the year.”

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