Stenham property fund has been paid £40.7 million for a distinctive London commercial property.
Aegon Asset Management completed the purchase of 52 Grosvenor Gardens, which was originally part of the Duke of Westminster’s property group Grosvenor Estates. 52 Grosvenor Gardens is in London’s Victoria area and houses 93,000 sq ft of space.
Stenham acquired the building for £25 million from Grosvenor Estates nine months ago. Grosvenor Estates have reported huge losses in the past year, the worst for 16 years, which forced the sale of the building to Stenham in the first place.
The quick sale has given Stenham a 60% return on their investment in the building.
Stenham has led the way back into commercial property investment, having been one of the first property funds to invest in prime space in London, even during the recession.
Many other property funds are now returning to the London commercial property market, especially as the value of space increases in line with high demands, as little new space has been created during the financial crisis. As confidence grows the market will be in full recovery and new developments will soon materialise to meet demand.