Milton & Shire House, Silk Street, London EC2

This was CGI's first acquisition in the UK and involved the acquisition and development funding of 2 adjoining buildings comprising a total of 41,341 sq m (445,000 sq ft). The properties were largely pre-leased to international lawyers Linklaters on a 25 year lease. CGI's total development cost in the project was circa £175 million to reflect 7%. Rents significantly increased at rent review in 2000 / 2001 and then in April 2006 we advised CGI on the sale to a US investor at a price of £355 million reflecting a net initial yield of approximately 4.9%.