INDUSTRY NEWS

Madison International Gain 50% Stake in London Office

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Madison Internation Realty, the investment business from New York has gained shared ownership of the Houndsditch London office space from TIAA Henderson Real Estate.

The 50% stake in the building space cost approximately $157 million. Alongside TIAA Henderson Real Estate, Madison International will now join the property venture that was laid down as a part of TH’s strategy to begin operations across a range of sectors.

Nick Deacon, director of Central London offices at TIAA Henderson Real Estate, stated, “We are excited to enter into a new partnership with such a reputable firm and look forward to working collaboratively together to create further value from the estate.”

Derek Jacobson, managing director of Madison International added, “This transaction is directly in line with our investment strategy to acquire ownership stakes in core, quality real estate located in prime locations through the injection of equity into existing joint ventures.”

The Hounsditch estate in question, has a total of five properties which are, Cutlers Court, Cutlers Exchange, 117-119 Houndsditch, 120 Houndsditch as well as 133 Houndsditch.

All of the buildings are located on a freehold site that is approximately 1.75 acres in size, with an estimated value of around $315 million, 95% of the estate is currently leased and it is in one of the most sought after areas in London.

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.

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