SHELL
MEX HOUSE
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For now I would
guide this in excess of £500m - a 5.2% yield.
The owners bought the building of circa 550,000
sq ft for £490m - a 5.15% yield - in July 2007.
We understand that the owners are offering a
£447m stapled debt package with the building at less than 4% interest.
This is understood to be from a German lender. The debt needs to be refinanced by July 2012.
The block is the HQ of Financial Times publisher Pearson & is let on an RPI-linked lease to 2032.
Other tenants include petrochemicals company Royal Dutch Shell and telecoms giant Vodafone.
* Freehold
* Circa 550,000 sq ft (approx) arranged over LG, G and 1 - 10.
* Grade A spec
* Four very strong tenants in Pearson, Shell, Vodafone and Omnicom.
* Circa 23yrs average unexpired term, rental income £27 million pa.
We are not retained and would require a fee to be agreed further information is available
on receipt of a Letter of Interest and a signed Fee agreement.
