Projects

MERE Principals has acquired 39 properties in Saudi Arabia, Europe, US, Asia Pacific and the Middle East, with a total value of over $2.5 billion. 28 of these properties representing gross proceeds of €800m and generating IRR‘s of 22.9% p.a. (Developments) and 16.3% p.a. (Investments) with equity multiples of 1.56x (Developments) and 1.65 (Investments).

33 Grosvenor Place
MERE Principals acquired 33 Grosvenor Place, London SW1 in June 2016 at £146 million in SPV entity they incorporated and funded by consortium of investors. 33 Grosvenor Place combines an exceptional quality West End office building on a prominent island site. Highly specified Grade-A office building, with total rentable area of 198,520 sq ft. Amerada Hess Corporation, one of the largest worldwide suppliers of oil and natural gas, incorporated in 1920 is single NNN tenant 11.5 years remain. The Grosvenor Place investment was sold in December 2016 at 152% return over 18 months period. The results was 15 times above the projected returns.
60 Gresham St.
MERE Principals acquired 60 Gresham Street at £8 million for consortium of Saudi investors as a site consist of three empty buildings located in the hearth of London near the Bank of England with a permission to demolish and build 45,000 sq ft office building. We improved the scheme and built a high standard prominent located corner site providing 58,093 sq ft of Grade-A office and retails accommodation arranged over basement, ground and 8 upper floors. 60 Gresham investment resulted 30% IRR return and was sold at £50 million as an income generating property, reflecting 5.3% net initial yield.
40 Gracechurch St.

MERE Principals acquired 40 Gracechurch Street at £26 million for consortium of Saudi investors as a site consist of two empty buildings in the City of London with permission to demolish and develop 116,778 sq ft rentable area at £53 million development costs. We improved the scheme and built high pofile 122,042 sq ft office and retail development, that seamlessly blends the classic sweep of a part period façade with a modern construction, providing contemporary office accommodation in the hearth of the City of London. 40 Gracechurch resulted 28% IRR return and was sold at £120 million as income generating property, reflecting 5.25% initial yield.

22 Bishopsgate St.

MERE Principals acquired 22 Bishopsgate Street, London EC2 from DIFA in SPV entity they incorporated in 2006 and funded by consortium of institutional and private investors. The site was old buildings with permission to build the highest tower in the City of London, designed by KPF with total costs of £1.1 billion. The consortium decided to mothball the project in December 2011after completion of infrastructure core works. MERE Principal than worked with the City Planning, Lipton Rogers and LPP to redesign the tower, and structured the deal agreed between the site owners and Lipton Rogers as developer with AXA REIM financing.