Coutts headquarters part of £475m sale

Published 09th Jan 2010

The headquarters of Coutts, the private bank for wealthy customers, on the Strand in London has been put up for sale as part of a £475m portfolio of properties occupied by Royal Bank of Scotland.

The portfolio, which comprises 55 properties let to RBS until 2037, is being sold by Telereal Trillium. the property company of the London-based Pears family.

The planned disposal will see Telereal become the first large property owner to explore the demand for real estate this year after the market staged a sharp recovery in the second half of 2009.

The sale is the majority of a portfolio of 63 properties acquired by Telereal in a £800m sale-and-leaseback in November 2007. Other properties include the Drummonds’ headquarters on Trafalgar Square and Child & Co headquarters on Fleet Street. More than 45 per cent of the income of the portfolio is generated by London properties.

Source: ' FT '

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