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published SEPTEMBER 16, 2010, 19:30
SJ Berwin advises Columbus on the acquisition of Austin Friars House, London EC2

International law firm SJ Berwin has advised Schroders's Columbus real estate fund, which is managed by Columbus Capital Management LLP, on the structuring of its joint venture with the British Airways Pension Fund to acquire Austin Friars House in the City of London.
The joint venture vehicle bought the commercial office building of 58,600 sq ft from Bargina Enterprises for £25 million, including debt of £10 million provided by Santander, reflecting a yield of 7% and a capital value of £420 per sq ft.
The freehold building was constructed in 1989 behind a retained facade and is located between Tower 42 and the Bank of England.
The SJ Berwin team was led by corporate real estate partners, David Ryland and Matthew Priday, assisted by associates Steven Cowins, Joey Wong Thomas and Kutahya Albrecht. The British Airways Pension Fund was advised by Amanda Howard of Nabarro.
This deal follows on from SJ Berwin recently advising Evans Randall on the sale of Milton Gate, Addleshaw Goddard’s HQ to a Middle Eastern investor, in what was one of the biggest City office deals of the year, and the acquisition of the Cumberland Hotel at London's Marble Arch by Starwood Capital.

 


 

 

 

 


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