Mon, 16 May 2011 | BUSINESS SALE
The Leadenhall Triangle site in London has been purchased by Henderson after the prime development spot was placed into administration in November last year.
The site, which comprises five commercial buildings located on Leadenhall and Fenchurch Streets, was sold to the global investment firm for around £175 million by Cooke & Powell. The special-purpose vehicles that own the five buildings were put into administration last November after the owners failed to repay a £171m loan secured on the assets in April.
The buildings include 109-114 Fenchurch Street; 9-13 Fenchurch Buildings; 49 Leadenhall Street, also known as 22 Billiter Street and 52-56 Leadenhall Street.
Administrators PricewaterhouseCoopers (PwC) had appointed asset managers Cooke & Powell in January of this year to track down a suitable buyer for the site.
PwC reported that the acquisition was 'very substantially in excess of £174 million' (the originally reported figure), but the actual price remains subject to a confidentiality clause.
Simon Cooke of Cooke & Powell, said, “This is an excellent outcome for the noteholders and Hatfield Philips, the special servicer, whose decision to appoint an administrator after the loan defaulted in April 2010, has been fully vindicated.”
At present, there is no word from Henderson on whether it will pick up previous plans drawn up by architecture firm Kohn Pedersen Fox Associates to create a new 1.25 million sq ft development on the site.
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