Greenwich Group International Picks Up 10 UK Buildings for 110 Mil.

Ten office buildings have been added to the portfolio of the Greenwich Group International, which bought them from Great Portland Estates for $110 million. Tenants include Caterpillar, Barclays Bank as well as financial and telecommunications companies. The buildings are spread all over the country. The deal, which bore an initial 9% yield, was undertaken in partnership with Lehman Brothers. Greenwich’s assets of 140 office and industrial buildings, all in Britain, total approximately $650 million.

Simon J. Mildé, chairman and CEO, says the company, “is presently in negotiations for several other substantial assets within the United Kingdom.” They have an estimated worth of £200 million.

During the last six months, the firm has sold 20 buildings with an average ROI between 40% and 50% and purchased more than 30 properties. Although all its real estate interests are in the UK at present, Mildé says they may undertake ventures in Europe or Asia at some time in the future.