Saturday, March 24, 2007

Merrill Lynch Agrees to £600 Million Sale Leaseback of London HQ

FT Alphaville - March 22, 2007

GIC, the investment arm of the Singapore government, has been chosen as preferred bidder for the £600m London headquarters of Merrill Lynch near St Paul’s Cathedral. Although the US investment bank refused to comment, City sources said that GIC had this week secured the sale-and-leaseback on the 827,751 sq ft office block at 2 King Edward Street.

The group beat competition from a shortlist including Simon Halabi, the Syrian-born tycoon, and Derek Quinlan, the Irish investor.

Merrill is among several banks selling their London headquarters to take advantage of strong demand from property investors. Others include HSBC, which is in the early stages of finding a buyer for its £1bn tower in Canary Wharf.

The latest deals include the sale on Thursday of Goldman Sachs’ London headquarters on Fleet Street for £355m to Jesta, a Canadian property group. Sphere: Related Content

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