Mactaggart Family & Partners seals £53m St James’s office purchase

Mactaggart Family & Partners has completed the £52.75m purchase of the long leasehold interest in Eagle House, 108-110 Jermyn Street, SW1, from CBRE Global Investors. Eagle House is a reversionary mixed-use building comprising 40,077 sq ft of office and retail space. It produces a passing rent of £3.2m per year, with the office and retail unexpired lease terms ranging from 2020 to 2029. The price paid reflects a net initial yield of 4.90%. MF&P, which is the co-investment management platform of Western Heritable, the Mactaggart family’s investment vehicle, now owns four multilet office assets in St James’s. MF&P chief investment officer William Laxton said: “We are delighted to make this acquisition, which complements the existing London portfolio well, brings well-priced income and has a number of near- and medium-term asset management-led upsides to play for.” JLL acted on behalf of MF&P while CBRE Global Investors was represented by Hanover Green. ING financed the acquisition for MF&P. [caption id="attachment_1028159" align="aligncenter" width="847"] Eagle House, Jermyn Street, SW1[/caption] To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette