INDUSTRY NEWS

Lebanese to buy Credit Suisse office

M1 Real Estate is believed to have offered £150 million for 20 Columbus Courtyard in London.

The office space, located on Canary Wharf, is currently owned by Credit Suisse, who are expected to lease the development back for 25 years.

The sale and leaseback scheme is one of several being considered by the Swiss-based financial services company, and includes built-in rent increases of between 1.5 and 4 percent a year as well as options to extend the term. Rent currently stands at £37.50 per square foot.

M1 is a Lebanese investment group with a broad portfolio of international interests, including energy, telecoms, fashion and real estate. The group was founded by Najib Mikati, a businessman and prime minister of Lebanon in 2005. M1 Real Estate’s purchase of 20 Columbus Court is the latest of many on the part of foreign investors to buy commercial property in London at depressed prices.

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