20 Manchester Square

20 Manchester Square is a Grade A office building of approximately 70,000 sq ft, located on the north western side of Manchester Square, just north of Oxford Street, London.  The building was acquired in October 2001 for £45.1 million before acquisition costs, for which equity of £10.7 million was raised (the balance being funded by fixed rate debt).

Having taken detailed advice from FDP Savills in respect of future rental growth prospects, and the strength of demand for investment properties of this nature, the decision was taken to market the property for sale in September 2005.  At the conclusion of the marketing period, Savills successfully secured an offer from Standard Life of £60.8 million, reflecting a net initial yield of 4.42%, well ahead of our original expectations.

The sale completed on 21 January 2006.  The total distributions paid to investors was £47,394 per £25,000 equity participation.  The final internal Rate of Return to investors was 15.6%*.

The Fund has now been dissolved.