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Savoy Court has been sold by its current owner Redevco, to the Universities Superannuation Scheme (USS). The Universities Superannuation Scheme bought the commercial property for an astonishing 45 million UK pounds.
The building, which is currently being rented by Booz & Co and whose lease does not expire for another seven years in 2017, is situated next door to the recently renovated Savoy Hotel and comprises 63,000 square feet, including 58,000 square feet of the highest quality executive office space and a ground floor retail section comprising of 5,000 square feet.
The purchase of the commercial property offers “robust income and good asset management opportunities in a landmark location, next to London’s Savoy Hotel on the Strand”, according to Alex Turner, the fund manager of the Universities Superannuation Scheme. “Savoy Court is a strong addition to our commercial property portfolio… This acquisition takes our central London office acquisitions in 2010 to over a hundred and fifty million pounds (worth), reflecting our confidence in the continued resilience of this sub sector.”
The managing director of Redevco, Simon Smith, noted that the sale was “in line with our policy of selling our non retail properties. Our main focus remains on high street retail and shopping centre and retail park development and investment.”
The sale saw Redevco being advised by Cushman & Wakefield, while the Universities Superannuation Scheme was represented by Strutt & Parker. Redevco is a subsidiary company of Cofra Holding, and owns one of the biggest portfolios of real estate throughout the whole of Europe, generally believed to be worth just over seven billion euros. It is a leading international company, with office space in 21 countries, including many in Asia as well as Europe. It recently acquired executive office space in Hong Kong and New Delhi, and its portfolio, which includes logistics centres as well as office buildings, is believed to have more than 800 properties. Redevco prides itself on specialist asset management and project development in addition to real estate.
The Universities Superannuation Scheme is a UK-based pension scheme operated by universities and other higher education institutions for the benefit of academics, as well as senior administrative staff members employed in such organisations. It is apparently the “second largest pension scheme in the UK by fund size”, and has owned several commercial properties over the years, including Telford Shopping Centre in Telford, Shropshire, the Grand Arcade development in Cambridge, and Belfast’s Forestside Shopping Centre. The Association of University Teachers strongly supported the forming of the Universities Superannuation Scheme, which remains one of the strongest supported pension fund schemes in the whole of the United Kingdom, offering a wide range of benefits for those who choose to join up as members.
Savoy Court is situated on the Strand, one of the most famous streets in the Westminster area of the city of London, which runs for around three quarters of a mile long.
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