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).
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.
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.