Prestigious Soho Portfolio sold for £19.75m to commercial property investment managers, Fabrix Capital.
Robert Irving Burns are delighted to announce the sale of the prestigious Soho Portfolio which we first put to the market in the summer of this year. Due to the level of interest, multiple offers were received with the final price achieved being 35% in excess of the initial marketing guide. We anticipated strong demand given this was such a rare opportunity to acquire a portfolio of this kind in such a famous area. In excess of 50 individual inspections with prospective purchasers was carried out during the marketing process.
The portfolio consisted of six freehold properties. Competition to purchase the properties in this sought-after area was fierce, and we received many rival bids, both for the portfolio as a whole, and for individual buildings within the portfolio. This demonstrates the value which such a portfolio has within the prime Central London Property market and the strong reputation which we at Robert Irving Burns have to receive an instruction of this magnitude as sole agents.
Robert Irving Burns partner Damien Field had the following to say on the deal: “We were delighted to be instructed on such a rare portfolio of properties and a lot of work went into ensuring that the best result was achieved for our clients. From the comprehensive advice given to the trustees, to the asset management we did while searching for a buyer, meant that we handled every detail between RIB’s Management and Investment Departments. The end price achieved certainly raised some eyebrows but we were always confident of achieving a high price. Our clients were delighted with the outcome and we at RIB are delighted to have clients who have appreciated our advice and work. We look forward to completing more deals like this in the future as our disposals department continues to grow.”
The purchasers were represented by Fabrix Capital. Having launched their second round of funding with a target equity raise of £50m, we are certain that their investment fund will be a great success. We predict that we will build a strong working relationship with Fabrix Capital and their purchasing agent, Nick Byre of Danesborough Property in the future.
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