UK - Merrill Lynch Investment Managers is selling the Football Association's headquarters to Deutsche Asset Management for £30.8m.
DeAM’s property arm, DB Real Estate, is set to become the FA’s new landlord after agreeing to buy 25 Soho Square from MLIM. The fund manager bought Soho Square eight years ago, and the sale to DeAM represents a yield of approximately 7% for MLIM.
Sources close to MLIM say the two parties expect to complete the deal within the next two weeks.
The FA has been based in Soho Square since selling its Lancaster Gate offices in 2000 as part of former chief executive Adam Crozier’s plans to modernise the organisation.
The association currently pays £2.15m a year in rent for the use of the West End offices and is three years into a 20-year lease.
This week's top stories included Cardano announcing plans to acquire Now Pensions from a Dutch pension fund later this year.
Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.
Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point