Two London landmarks set to fetch £590M

Two London landmarks set to fetch £590M


Two key London buildings have become available on the market, with a combined value of over £590 million.

The Aviva Tower, which is part of Simon Halabi’s ‘White Tower’ portfolio, is up for sale for £290 million. It has been reported by The Times that the tower will be sold by CB Richard Ellis and Knight Frank. The 23 storey building is located in London's financial district and currently leased to UK insurer Aviva. 

Half of the European headquarters of investment bank Goldman Sachs, has also been put up on the market with a price tag of around £300 million. Jones Lang Lasalle has been appointed to sell the 370,526 sq ft Peterborough Court and Daniel House at 133-140 Fleet Street, previously the headquarters of The Daily Telegraph.

According to The Evening Standard, ‘the 370,000-square foot building, which Goldman is leasing until 2026, is likely to attract interest from a roster of overseas buyers including  Employees Provident Fund, which has just bought the Whitefriars home of law firm  and has £1 billion to spend on London property’.

The Aviva Tower is the ninth and final property backing the CMBS (commercial mortgage-backed securities) to be put up for sale. CB Richard Ellis Loan Services (CBRELS) put the other eight assets on the market back in March in an effort to repay creditors after the bonds, issued by property entrepreneur Simon Halabi, defaulted in the UK property price fall in 2009.

Back in March last year, The Telegraph reported that ‘Mr Halabi, once regarded as one of the UK's wealthiest entrepreneurs, fell into difficulty after his collection of London offices, known as the Protractor portfolio, tumbled in value from £1.8bn in 2006 to £929m last June’.

It is estimated that the buildings generate nearly £18 million in annual rent and so it comes as little suprise that the properties are prompting significant interest among key foreign investors, who continue to see London as a haven for property investment.

By Florence Mosshart

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