GE, Endurance Partner on $104M Purchase

LONDON-A prime mixed-use building in the city’s West End commercial district has changed hands, as GE Real Estate UK and Endurance Land Ltd. jointly acquired the entire issued share capital of Winterdome Ltd., a special purpose vehicle that heretofore held the freehold interest in 10 Great Pulteney St. The partnership secured the asset from Coronation Ltd. for a consideration of $104 million.

“We are delighted to have concluded this acquisition with GE that will allow us to tap into the solid Central London market,” Endurance Land managing director Jonathan Fletcher says in a release announcing his firm’s latest investment. The West End district and Central London as a whole have been enjoying encouraging office rental growth, reports Fletcher, who predicts that trend will continue well into 2008.

Ten Great Pulteney St. features a slice of retail and five residential apartments, but is primarily an office building encompassing 47,000 sf on seven floors. That element is entirely leased to Microsoft Corp., which in turn has sublet the space to Nokia. Income stream from the building is estimated at $4.7 million annually, and the new buyers say they are weighing options that could allow them to boost the revenues over the near term.