A Canadian sovereign wealth fund advised by Henderson Global Investors has bought the Leadenhall Triangle scheme in the City for £175m.
Henderson went under offer on Friday to buy five buildings on an island site which are currently in administration after a fierce bidding process.The asset will be owned one third by Henderson’s Central London Offices Fund I, one third by Henderson’s Central London Offices Fund II and one third by the Canadian fund.
The site is income producing but has longer-term potential for a 1m sq ft development, the last potential site for a mega development in the City.
The buildings were previously owned by clients of Mark Morris and Maurice Golker’s Investream, and were put into administration last year after £171m of debt secured against them was not repaid.
The sale attracted fierce bidding, with 12 parties submitting final bids, and the price paid for the site reflecting a 2% yield. Brookfield had sought to gain an advantage over rival bidders by buying other buildings on the site.
PWC was the administrator and Cooke & Powell was asset manager and adviser on the sale.
Simon Cooke, of Cooke & Powell said: “This is an excellent outcome for the noteholders and Hatfield Philips International, the special servicer, whose decision to appoint an administrator after the loan defaulted in April 2010, has been fully vindicated.”
Source: www.propertyweek.com
Henderson went under offer on Friday to buy five buildings on an island site which are currently in administration after a fierce bidding process.The asset will be owned one third by Henderson’s Central London Offices Fund I, one third by Henderson’s Central London Offices Fund II and one third by the Canadian fund.
The site is income producing but has longer-term potential for a 1m sq ft development, the last potential site for a mega development in the City.
The buildings were previously owned by clients of Mark Morris and Maurice Golker’s Investream, and were put into administration last year after £171m of debt secured against them was not repaid.
The sale attracted fierce bidding, with 12 parties submitting final bids, and the price paid for the site reflecting a 2% yield. Brookfield had sought to gain an advantage over rival bidders by buying other buildings on the site.
PWC was the administrator and Cooke & Powell was asset manager and adviser on the sale.
Simon Cooke, of Cooke & Powell said: “This is an excellent outcome for the noteholders and Hatfield Philips International, the special servicer, whose decision to appoint an administrator after the loan defaulted in April 2010, has been fully vindicated.”
Source: www.propertyweek.com
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