Vico Capital courts £130m Columbus sale

Vico Capital, the investment management firm owned by Irish investors Brian and Mary Patricia O’Donnell, is selling one its last major London assets. Knight Frank has been appointed to advise on the sale of 17 Columbus Courtyard, E14. The 200,000 sq ft building, which is fully let to Credit Suisse off passing rents of £32 per sq ft for a further nine years, is expected to attract bids in excess of £133m – a 4.75% yield. Vico bought the building in 2005 for £125m with a £69m senior loan and a £30m junior facility as part of a £600m boom-time European property spree. The company sold off large parts of its portfolio following the crash of 2008 but retained Columbus Courtyard after pulling off a £107m refinancing in 2011 with US insurer MetLife and Duet Private Equity. The deal also involved preferred equity from Switzerland-based Partners Group. Knight Frank, which is also advising Partners Group on its debut UK development at 80 Fenchurch Street, EC3, won the sales mandate ahead of CBRE, Eastdil Secured and Savills. jack.sidders@estatesgazette.com