Anacott raises £250m for London value-add drive

By James Buckley - Wednesday, January 10, 2018 15:00

Merchant bank Anacott Capital has raised £250m of capital through its partners as it embarks on a major push to invest in London value-add real estate projects.

Anacott, which is focused on principal investing and debt capital markets, was founded by James Lapushner in 2011 and is on the hunt for real estate which requires active asset management. It is already negotiating exclusivity on several central London opportunities.

Anacott exited its first real estate fund in December 2017 following the sale of its interest in an office building on 1 Portsoken Street, also known as Lloyds Chambers for £100m. Anacott Capital’s investors included Fosun, the largest private conglomerate in China which is based in Shanghai.

Anacott Capital’s first fund produced an IRR of 36.9% and an ROE of 3.8x after the sale of Lloyds Chambers.

Anacott Capital acquired Lloyds Chambers in October 2013 for £64.5m for an unleveraged yield of 11%, raising 81% LTV acquisition financing from Aviva Investors and a mezzanine lender.

Anacott received planning permission in July 2016 to increase the existing net internal area from 193,450 sq ft to 400,031 sq ft through a redevelopment of the property known as the Butterfly. 

Lapushner was the former head of investing in Germany for the Morgan Stanley Real Estate Funds where he created the largest real estate company in Germany with €12bn of assets under management, and was also the former head of European debt origination at Credit Suisse First Boston.

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