In June 2003, Shelbourne purchased this City of London office building situated 500 metres from the Bank of England and close to St. Paul’s Cathedral from Greycoat, a U.K. property company, at a net initial yield approaching 12%. The building, which comprises 3,473 sq. m. of office space, was fully let to Herbert Smith, the leading solicitors, and had obvious development potential.Shelbourne made this purchase at the bottom of the last City of London property cycle and elected to sell to an I.N.G. Fund in Summer 2006 following a sustained improvement in the market and a marked compression in yields. The sale was very profitable and earned Shelbourne an I.R.R. on its investment of ca 60%.
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