Real estate asset manager Catella APAM has completed the sale of two West London retail assets on behalf of Greater Manchester Pension Fund for a combined value of £21.9m.
Catella APAM sold 84-86 Kings Road in Chelsea for £10m and 376-384 Chiswick High Road was sold for £11.9m. Both sales were “significantly ahead of business plan targets and client expectations,” according to Catella.
Over the last 18 months, the asset manager undertook various initiatives at the properties, including securing new tenants, extending leases to enhanced covenants and taking back possession of residential dwellings at the Kings Road asset.
Rhys Williams, senior asset manager at Catella APAM, said: “We are delighted to have completed on both disposals during a difficult investment market. These results show how strong returns can be achieved through proactive asset management.”
Catella APAM acted directly on the disposal of the Kings Road asset. GCW acted on behalf of the vendor in relation to the Chiswick sale.
