INDUSTRY NEWS

Moises Safra completes Plantation Place London office purchase

Following months of speculation regarding a number of bids and debt restructuring proposals, the building at Plantation Place has been sold.

Founder of Brazilian bank Banco Safra, Moises Safra, completed a deal for the London office building on Thursday (May 3), according to an article published by Reuters.

Sources close to Safra have reported that the businessman paid around £500 million for the office block. However, an official statement, released Thursday, neglected to reveal the actual price.

The property – which measures 550,000 sq ft –  was sold to Safra by the consortium, One Plantation Place Unit Trust (OPPUT) – featuring Stobart Properties and Schroder Real Estate Investment Trust.

Commenting on the sale, Andrew Sykes, chairman of Schroder Real Estate, commented: “Realising the investment in Plantation Place was identified as a key initiative to be implemented by Schroders following its appointment as investment manager (of OPPUT) in January 2012.

“As well as being significantly accretive to NAV (net asset value), the proceeds of the disposal provide the company with increased operational flexibility to pursue its key strategic objectives of improving dividend cover and achieving balance sheet efficiency,” he added.

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