Tue, 29 Mar 2011 | BUSINESS SALE
The Adelphi, a landmark art deco building in London's West End, is up for sale following a covenant breach.
The famous high-rise building, located on John Adam Street, is to be sold by its owner Istithmar World - the investment arm of Dubai World – for an asking price of around £265 million.
Istithmar World has instructed CB Richard Ellis to sell the commercial property, which is currently leased by the Department for Work and Pensions, along with financial services tenants.
Istithmar acquired The Adelphi in 2006 for £325 million, funding its purchase with a £250 million loan from Barclays. Just over £212 million of that debt remains unpaid, and is being serviced by rental income by the building's tenants.
Last month, the 80 per cent loan-to-value covenant was breached, meaning that the building either had to be sold or refinanced. As The Adelphi was not a distressed asset, Istithmar was advised by experts that a sale was the best option as the new purchaser could then benefit from future rental income rises.
The current rent sits at under £50 per square foot – very low by West End levels – so rent reviews are likely in the near future.
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