Tue, 15 Mar 2011 | BUSINESS SALE
A large commercial office building in the City of London has been put onto the market after its owner defaulted on loans last year.
Canadian investment manager, Jesta Capital, purchased 6-8 Bishopsgate in the City on behalf of private investors for £108 million in 2006.
Now, King Sturge has been appointed receivers to the 147,000 sq ft, 20-storey building and have put it up for sale for between £95 million and £100 million after Jesta defaulted on a series of loans. This price represents a seven per cent yield on the building, which has a lease with Deutsche Bank running until 2015.
The main creditor is expected to be Société Générale, with the total indebtedness of 6-8 Bishopsgate - including an interest swap – tipped to stand at £117 million. Neither Jesta Capital or King Sturge have commented on the potential sale at this point.
The commercial property Peterborough Court on Fleet Street is also up for sale - it too was purchased by Jesta Capital on behalf of clients.
The property, which makes up a large part of the London headquarters of investment bank Goldman Sachs, is being marketed by Jones Lang LaSalle and has a price tag of around £300 million.
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