West LB's London Headquarters Sold for £325 Million

Irish Times - April 26, 2006

David Arnold's property investment company D2 Private has paid over €468 million (£325 million) for Woolgate Exchange, one of the City of London's most prestigious office buildings.

Built five years ago, the 32,609sq m (351,000sq ft) building is let in its entirety under a long-term lease to West LB, one of Germany's leading international banks, as the company's UK headquarters. The acquisition will provide the new owners with a net initial yield of 5 per cent. The deal was funded by Anglo Irish Bank.

The Dublin-based D2 Private was set up by Arnold last year with Deirdre Foley, a former director of Derek Quinlan's investment company, Quinlan Private. D2's chairman is Brendan O'Mara, who is also chairman of Ireland's largest quantity surveyors firm, Bruce Shaw.

So far, the company has acquired properties worth over €720 million (£500 million) in London, including the Woolgate Exchange. It plans to further significantly expand its portfolio this year. Last year D2 Private bought the Richard Rogers-designed Marks & Spencer headquarters in Paddington for around €201 million (£140 million) and a 2,323sq m (25,000sq ft) refurbished office building in Wardour Street, Soho for about €20 million (£14 million), which is let to The Moving Picture Company as their London headquarters.

Last month in Dublin the company also acquired Brooklawn House, an office investment in Ballsbridge, for approximately €47 million. Sphere: Related Content