The acquisition of these two prime City of London properties makes a strategic addition to the Wellcome Trust’s existing property portflio, extending its exposure in the City and bringing it up to a value of around £900m.
Eagle Star’s former headquarters on Threadneedle Street was bought for around £28m and is let to Sidley & Austin for a further 16 years. The acquisitions add diversity to the trust’s portfolio, which is based largely in South Kensington, with other properties around the country and a number of European investments.
The Wellcome Trust is a longstanding Camerons client. The relationship dates back to the trust’s inception in 1936, when Cameron Markby Hewitt was instructed to act on Sir Henry Wellcome’s will.