Stenham Property has acquired a 93,601 sq ft leasehold mixed-use property in Grosvenor Gardens, Victoria, London, for £25 million. The price tag reflects an equivalent yield of 9.44 per cent and a capital value of £267 per sq ft.

Stenham Property has acquired a 93,601 sq ft leasehold mixed-use property in Grosvenor Gardens, Victoria, London, for £25 million. The price tag reflects an equivalent yield of 9.44 per cent and a capital value of £267 per sq ft.

Stenham Property, a global property fund manager, currently has some £2 billion of assets under management of which one-third is located in the UK. Over the past three years, the company has focused on investments in Germany, Switzerland and Japan, however, its attention has turned to the UK property market since late last year.

Paul Arenson, Stenham Property MD, commented: “As a consequence of the turmoil in the financial sector and downturn in the wider economy, we believe value is beginning to return to the UK commercial property sector.”

The property fund manager is part of the Stenham Group, which also provides investment management services, and financial services and products to high-net-worth private clients and institutions.

The group currently has some US$4.9 billion (£3.2 billion) under management, split between its property and asset management businesses. The business operates from a network of global offices including the Channel Islands and the UK, with offices in five other countries around the world.