Spain’s Mutua Madrileña is no longer in talks to buy Evans Randall’s Milton Gate scheme in the City of London.
Last week Mutua Madrileña, a non-profit insurance company which was founded in 1930 and provides life, automobile, health and accident insurance, as well as pension and investment funds, was thought to have placed the scheme under offer for around £157m, at a yield of 6.25%.
The deal has now fallen out of bed and it is thought Evans Randall is speaking to other parties interested in the property. The 200,000 sq ft Milton Gate was developed by UBS Global Asset Management and Exemplar Properties and is let to law firm Addleshaw Goddard.
Evans Randall bought the scheme six months ago with debt funding from Abbey Bank and DG Bank in June for around £130m, at a yield of around 7.5%.
CB Richard Ellis advises Evans Randall. All parties declined to comment.