Monday, August 06, 2007

HSBC Nearing £100 Million Sale Leaseback of Office Building in London

Property Week - August 3, 2007

PruPim is to carry out a purchase and leaseback of HSBC’s 62-76 Park Street in south London for more than £100m. HSBC put the 173,000 sq ft building, near the Tate Modern on London’s South Bank, on the market last month as part of its sale-and-leaseback programme to raise cash.

HSBC is taking a 20-year lease at £5.1m a year, and has an option to extend for five years. The sale follows CB Richard Ellis’s review of HSBC’s property portfolio, which resulted in the £1bn Canary Wharf headquarters sale and reflects a yield of 4.7%.

CB Richard Ellis advised HSBC; Catella acted for Prupim. Sphere: Related Content

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