News releases

Schroder UK Property Fund completes latest acquisition from Wainbridge in WC1 for £31.85 million

Schroder UK Property Fund (SPF) has today completed the purchase of Fitzroy, Minerva and Telephone House, Chenies Street, WC1 from Wainbridge Global Opportunities Fund London Limited for £31.85 million, reflecting a 5.35% net initial yield and a capital value of £550 per sq ft.


Schroder UK Property Fund (SPF) has today completed the purchase of Fitzroy, Minerva and Telephone House, Chenies Street, WC1 from Wainbridge Global Opportunities Fund London Limited for £31.85 million, reflecting a 5.35% net initial yield and a capital value of £550 per sq ft.

The properties are let to Omnicom for a further 14 years, with a passing rent of £33 per sq ft. The lease provides for both landlord and tenant breaks at intervals.

Since Wainbridge acquired the properties in 2011 it has undertaken a number of asset management initiatives, which include delivering a major £4.5 million refurbishment on time and on budget, while the tenant remained in situ. The sale is the third realisation from WGOL, which was raised in 2010 with a strategy to acquire “value-add” office and mixed-use properties, predominantly concentrated in Greater London, with a degree of capex or leasing risk that offer an attractive investment opportunity.

James Lass, SPF Fund Manager, commented:

"We are delighted to have purchased this exciting opportunity. This is a continuation of our long standing strategy of buying well located buildings let off low base rents with the ability to add further value during the hold period.

“The properties are well positioned to benefit from both the organic rental growth we anticipate in central London and its proximity to Tottenham Court Road station, where we believe the Crossrail effect later in the cycle will further enhance returns.”

Rob Rackind, Principal at Wainbridge, commented:

“The sale of the Chenies Street properties represents an excellent result for the Fund and the successful execution of our strategy for the asset. This type of challenging refurbishment with a tenant in place requires the specialist asset management skills that our team is able to offer, and Wainbridge’s combination of financing and property expertise enables us to create value from complex situations and generate strong returns for our investors.”

Michael Elliot & Taylor Wessing acted for the vendor and Savills for SPF.

For further information, please contact:

Estelle Bibby, Senior PR Manager, Schroders

Tel: +44 (0)20 7658 3431 /

Wainbridge Limited

Tel: 020 7479 7700 

Edouard Fernandez, Principal

Rob Rackind, Principal

FTI Consulting (for Wainbridge)

Tel: 020 7831 3113

Stephanie Highett

Will Henderson

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For trade press only. To view the latest press releases from Schroders go to:

Schroder Property

Schroders has managed property funds since 1971 and currently has £10.6 (€12.7 /US$17.2) billion of gross property assets under management (at 30 September 2013).

Most of the property funds referred to are unauthorised collective investment schemes as defined in the Financial Services and Markets Act 2000. Promotion of these funds is restricted and access to full information about these funds is only available to those exempt from the restriction.

For further information about Schroders’ property business visit

Schroders plc

Schroders is a global asset management company with £256.7 billion (EUR307.2 billion/$415.8 billion) under management as at 30 September 2013. Our clients are major financial institutions including pension funds, banks and insurance companies, local and public authorities, governments, charities, high net worth individuals and retail investors.

With one of the largest networks of offices of any dedicated asset management company, we operate from 37 offices in 27 countries across Europe, the Americas, Asia and the Middle East. Schroders has developed under stable ownership for over 200 years and long-term thinking governs our approach to investing, building client relationships and growing our business.

Further information about Schroders can be found at

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Wainbridge Limited

Wainbridge Limited is a wholly owned subsidiary of Wainbridge Holdings Limited, the real estate investment, development and asset management boutique, established by Edouard Fernandez and Rob Rackind. Dedicated to creating real estate investment strategies which align the return expectations of investors with market opportunities, it provides its clients with the platform and “know how” required entering into complex real estate opportunities throughout the capital structure. Additionally, with a strong track record of delivering complex development projects, having completed in excess of half a million square metres of office, retail, residential and industrial space, Wainbridge’s team are experts in managing the development process from conception through to completion. Wainbridge’s philosophy is guided by a belief that investment returns are not just driven by intelligent acquisitions and dispositions, but real value is created through hands on, active asset management. It invests in, develops and asset manages properties on its own behalf, in partnerships and for third party mandates.

Wainbridge Limited is authorised and regulated by the Financial Conduct Authority. It acts as investment advisor to Wainbridge Capital Limited (“WCL”), a Jersey-based investment management company. In turn, WCL manages Wainbridge Global Opportunities London Limited (“WGOLL”), its debut closed-ended real estate investment fund established to capitalise on the anticipated cyclical market recovery in offices within the Greater London area, as well as several separate accounts.

WCL intends to launch further funds, targeting both institutional investors and sophisticated professional investors, as well as forming joint ventures with investors and developers where attractive opportunities are sourced.