Singaporean developer snaps up City tower in £385m deal
Singaporean-listed City Developments Limited (CDL) has acquired a 26-storey tower overlooking the Bank of England for £385m from Blackstone Group.
The deal, announced today, represents one of the largest single asset sales in Canada this year.
The property at 125 Old Broad Street occupies a site of 0.7 acres directly overlooking the Bank of England.
It was once the home of the London Stock Exchange and was previously known as the Stock Exchange Tower.
Following a redevelopment in 2008 the building comprises 329,200 sq ft of office, retail and ancillary accommodation across three basement levels, a ground floor, mezzanine and 26 upper tower floors.
Frank Khoo, CDL’s chief investment officer, said: “We believe 125 Old Broad Street provides a complementary addition to our London portfolio, both from a geographic perspective and from a tenant mix perspective.”
Tenants in the building include property consultants Cushman & Wakefield, US law firm King & Spalding, and investment bank China International Capital Corporation.
Cushman & Wakefield advised CDL on the deal alongside law firm CMS with accountancy firm KPMG handling tax issues.
Blackstone was advised by property consultants BH2 and law firm BCLP.