Canary Wharf Group plc has completed the acquisition from Gort Limited (in administration) and Hibernia (2005) Limited (in administration), of 15 Westferry Circus at Canary Wharf.
Canary Wharf Group had initially sold the building to Vico Capital for approximately £134 million in 2006.
As consideration for the asset, CWG has paid approximately £128 million (€149 million). Additionally CWG took a novation of the existing senior swap which has an estimated value of £11.4 million. This swap matures in April 2016.
The purchase price is being fully funded by way of a new loan provided by Metlife which has a maturity date co-terminus with the fixed rate swap. The weighted average cost of debt will be approximately 6.0%.
The equity provided by CWG for the transaction was limited to the purchase costs (including SDLT) of approximately £6 million.
Source: Songbird Estates