INDUSTRY NEWS

Kuwaiti Investment Firm Agrees £1.7bn Deal For Mayor’s London Office

Kuwaiti investment firm St Martins group has purchased a London office building that’s currently used as a headquarters by the Mayor of London.

The More London complex, situated in Southwark, has been sold in a deal is worth around £1.7 billion. Once the deal has formally been completed next month (January 2014), it’s set to be one of the biggest property deals conducted in the UK – ever.

The mixed-use complex also features City Hall,  and office space currently occupied by the likes of Ernest & young, Norton Rose and PwC.

More London is the latest building to join the growing portfolio of London property owned by the St Martins group – a UK investment arm of the Kuwaiti government. The investment group has previously purchased 60 Threadneedle Street, and Hay’s Galleria, amongst others.

London Bridge Holdings, the group that sold  More London, commented on the deal.

It released a statement, commenting: “This transaction underscores the success of London Bridge Holdings in transforming a blighted, brown field site into a vibrant and vital global business centre.

“It is an important symbol of London’s position as an international business centre with morning, lunchtime and early evening footfall traffic at levels comparable to Bond Street.”

By: Kirsty MacGregor

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.