The German fund manager, Muenchmeyer Petersen Capital, is set to pay around £160m for 88 Wood Street, Lord Rogers’ landmark building in the City of London. MPC is expected to complete the purchase, from Japanese owner Daiwa Bank, over the next few weeks.
The building has been under offer twice before, once to the German open-ended fund, CGI, and once to the French bank, Crédit Agricole, but both deals collapsed.
If the MPC purchase goes ahead, 88 Wood Street is likely to form a single lot fund, because of the size of the asset. Sources close to MPC said that the company was considering setting up further UK funds if it could find suitable investments.
Andreas Schwarzwalder, Head of Investor Relations at MPC, declined to comment on the details of the deal, but confirmed that the company was looking at the UK property market. “We have investments in various countries and it could be that we are looking at starting our first UK fund”, he said.
CB Richard Ellis is advising Daiwa. ATIS REAL Weatheralls is acting for MPC.
Source: Freeman News