In March 2006 Greycoat completed the closing of the Greycoat Central London Office Development fund comprising affiliates of Government of Singapore Investment Corporation, Scottish Widows Investment Partnership, ING Real Estate Investment Management and Mn Services. The fund was set up with the intention that over an 18 month period it would acquire development sites across Central London.
The total equity raised was approximately £130m and was fully committed in 7 months from first closing with the following site acquisitions:-
- 101 New Cavendish Street W1 was purchased in May 2006. The scheme involved the refurbishment and recladding of an office and residential scheme to provide 90,000 sq ft net of offices, 9,500 sq ft net of retail and 9 units of new residential space totalling 6,500 sq ft gross internal. The scheme was completed in 2009, the offices have been fully let and all the residential units sold. The building is currently retained as an investment by the fund.
- In August 2006, Greycoat purchased the Tower House site in EC3 from Land Securities. The site has now been sold to an hotel operator with Greycoat acting as the development manager for the new owner.
- In October 2006, Greycoat completed the purchase of 30 Crown Place in EC2. the completed new scheme comprises 182,000 sq ft net of offices and 6,500 sq ft net of retail. The scheme has been fully let to Pinsent Mason on a 20 year lease and is held as an investment by the fund.