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.
In this week's Pensions Buzz we want to know what you think of the government's proposals set out in the DB white paper, which include new powers for the regulator.
The pensions watchdog has been through some testing times and is making significant changes to the way it regulates. Speaking to Stephanie Baxter, Mark Boyle takes stock and looks to the future
Enhanced powers for The Pensions Regulator (TPR) to prosecute and fine company directors who "wilfully or recklessly" put their defined benefit (DB) pension scheme at risk will be hard to enforce, commentators say.
Melrose has pledged to contribute up to £1bn to GKN's pension schemes as part of a final offer to acquire the engineering business.