The Japanese Bank, Daiwa, has sold the landmark Lord Rogers-designed building at 88 Wood Street in the City of London to the German fund manager, Münchmeyer Petersen Capital, for £160m.
The property has been under offer twice before, once to the German open-ended fund, CGI, and once to the French bank, Crèdit Agricole, but both deals collapsed.
The 18-storey building comprises 247,572 sq ft of office space and is let to tenants including the serviced office provider, Regus, National Australia Bank and the fund manager, Alcentra.
The deal represents MPC’s first foray into the UK property market. Sources close to MPC have confirmed that the company is considering setting up further UK funds if it can find suitable investments.
CB Richard Ellis advised Daiwa. ATIS REAL Weatheralls acted for MPC.
Source: Freeman News