Seaforth Land chief executive Tyler Goodwin tells Richard Williams why the company decided to buy Covent Garden’s landmark CAA House after passing on so many other deals.
Last year, the company underwrote 191 deals but only completed two. Its acquisition of CAA House, commonly known as SpaceHaus, is only its first deal this year – struck after deep-dive research on the London office market identified Midtown as the best submarket to target and CAA House as the best asset. However, it is unlikely to be its last.
Backed by QuadReal Property Group, one of Canada’s largest real estate investment management companies, Seaforth is thought to be in negotiations with Transport for London to buy the leasehold interest in Holborn Central for around £50m. It also has a development project on Greville Street, next door to Farringdon station, in its portfolio.
In an exclusive interview with Property Week, Seaforth’s Canadian-born chief executive Tyler Goodwin admits that doing just two deals of a possible 191 in 2017 was low, but stresses that Seaforth is looking to do “good deals” of the ilk of CAA and hints that the off-market purchase from Almacantar will be followed by others.
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