Atlantic Property Partners is under offer to buy ING Real Estate’s 88 Wood Street in the City of London for around £190m.
The US private investment and management group is headed by Andrew McDaniel and Tim Yantz and if the deal completes it will be their debut purchase in the UK. It is thought the deal reflects a yield of more than 6.25%.
Atlantic has offices in London and a headquarters in Boston, USA. Both McDaniel and Yantz previously were directors in the London and San Francisco offices respectively of US private equity firm Westbrook Partners.
88 Wood Street is a Richard Rogers-designed building and provides more than 247,689 sq ft of office space over ground and 17 upper floors.
ING Real Estate was previously rumoured to have come close to selling 88 Wood Street to a Middle Eastern client of Citi Private Bank.
ING Real Estate bought the building in 2006 for £232m after putting together a co-investor partnership. Co-investors include segregated account clients of ING Real Estate Investment Management, ING Central London Fund, clients of Arlington Property Investors, now Goodman, and ING Real Estate Investment Management Long Term Incentive Plan.