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Palmer Capital has amassed a war chest of over £150 mln (EUR 174 mln) for investment in 2012-13. The UK-based property company has disposed of assets to generate funds for future growth.

In the latest transaction, Palmer and Walbrook Land, a private owned real estate investor, sold 155 Fenchurch Street in the City of London to a client of Trinova Real Estate for £27 mln.

The building comprises almost 4,000 m² of offices and retail arranged over basement, ground and seven upper floors in the 'Lloyds Triangle' in the heart of the City's insurance district. The development was completed in March 2010 and the property has since been let to tenants including Prime Professions, Jardine Lloyd Thompson, Twenty Fenchurch Street, Norman Butcher Jones, Eat and Carphone Warehouse.

The Fenchurch Street sale follows the sale in the autumn of another Palmer Capital London property investment at 38/40 Eastcastle Street to a private Greek investor for £8 mln and the sale by PCDF of prime Bristol office development 'The Paragon' to Invesco Real Estate for £26.5 mln.

Alex Price, chief executive, Palmer Capital: 'This concludes a disposal programme the fund has undertaken in 2011 to take advantage of the strong market interest for prime, well-let, quality office buildings. We now have over £150 mln available for 2012 and 2013, putting us into pole position to buy in a market likely to see more distress'.

GM Real Estate and Jones Lang LaSalle acted for Palmer Capital and Walbrook. Hanlon Bennet acted for Trinova Real Estate.