Thu, 29 Apr 2010 | BUSINESS SALE
Several potential buyers are circling the well-known Drapers Garden office building in central London with German fund manager Deka at the forefront.
CB Richard Ellis is the advisor for the Drapers Garden ownership consortium.
It is believed that more than five parties have put in first-round bids to purchase the scheme, owned by Canary Wharf, Morgan Stanley Real Estate Funds and Exemplar Properties.
Offers of over £240 million have been made for the 292,000 sq. ft. property from both cash buyers and leveraged buyers, news sources have said.
As well as Deka, first round contenders are German fund manager SEB Real Estate, Lumina Real Estate, ING Real Estate, the National Pension Service of Korea, and Aerium.
Increasing numbers of properties have appeared on the market as confidence has returned to the commercial marketplace.
James Beckham of King Sturge said: "Drapers Gardens is a good asset and the market is hot. It's a good tactical sale."
The office building is presently being let to BlackRock, having signed a 25-year lease earlier on this year.
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