Monday, September 24, 2007

HSBC Completes €138 Million Sale Leaseback of London Office Building

Europe Real Estate - September 21, 2007

PRUPIM has acquired 62 Park Street, the prominent HSBC office building located on the River Thames next to Tate Modern, in a £103.25-million (c. €138m) sale-and-lease-back deal. The building, which has been let back to HSBC Bank plc for a further 20 years on an annually indexed lease, comprises more than 160,000 ft² of newly refurbished office accommodation, which is set over six floors. PRUPIM purchased the building on behalf of one of its annuity funds, Prudential Retirement Income Limited, for an initial yield of 4.72%.

62 Park Street is a highly recognizable building on the south side of the River Thames surrounded by a number of landmarks including Tate Modern, The Millennium Bridge, The Globe Theatre and Borough Market.

Southwark has become an increasingly prominent office location as a consequence of the recent improvements to the Jubilee Line underground service, now connecting Bond Street to the west and Canary Wharf to the east.

Catella acted for PRUPIM and CBRE acted for HSBC Bank plc. Sphere: Related Content

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