April 16, 2013
PM Mercury Holdings, a joint venture between Funds managed by Mountgrange Investment Management LLP (‘Mountgrange’) and pan-European institutional investor Patron Capital (‘Patron’) announces that it has sold the freehold interest in Ranger House, Guildford, to Surrey County Council for £13.7m.
PM Mercury Holdings acquired the asset last November as part of the £184m Mercury Portfolio, which comprised 24 office, industrial and retail properties. The four-storey building, built in 1988, comprises 41,096 sqft of Grade A office space immediately adjacent to Guildford rail station. Following a refurbishment of the common parts and a surrender of half of the building with Trillium, 16,000 sqft of lettings have been secured since November 2012 to Barclays and Ubisoft. The building is now 90 percent let off an average rent of £25.37per sqft, with the remaining space under offer.
Capita Symonds acted for PM Mercury Holdings and Vail Williams advised Surrey County Council.
Rob West of PM Mercury Holdings commented:”The sale of this asset follows our purchase of the Mercury Portfolio in November last year and after an intensive period of asset management, we were able to secure a number of lettings and complete a sale ahead of plan. The approach made from Surrey County Council was well timed and, having agreed terms, all parties worked well to achieve a successful outcome.”
Vail Williams’ partner and head of investment Mark Sherwood said: “This was a rare opportunity for our clients to acquire a strategic asset, adjacent to a major regeneration scheme, in a very strong commercial centre.”
