Investment from abroad continues to be imported when it comes to London’s high-level commercial property.
As an example, the Kuwait company, St Martins Group, is to buy the ‘More London’ site for in the region of £1.7 billion next month.
The 13-acre property, built ten years ago, is located in Southwark on the Thames and next to Tower Bridge. It is home to City Hall, the base of Boris Johnson, the Mayor of London, and other facilities including The Scoop, a sunken amphitheatre, and leased offices, as well as bars and restaurants for workers and visitors. High-profile tenants include Ernst and Young, London & Partners and law firm Norton Rose.
The sale is to be one of the largest London – and the UK – has seen in terms of commercial property transactions.
The sale, one of the largest ever UK commercial property deals, is due to be formally completed next month, and will be added to St Martins’ current London portfolio, which includes 60 Threadneedle and London Bridge City. Overall, the investment company owns property worldwide but clearly still sees London in general as a worthwhile opportunity, and this site specifically, with its good tenant base and footfall to rival popular shopping areas.
The present owners are London Bridge Holdings, based in the Bahamas, with businessman Dikran Izmirlian at the helm. The bid from St Martins, it has been indicated, was enough to encourage them to sell.
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