PropertyEU
JLL markets rest of Goldman Sachs' European HQ
Date: 14 February 2011
Category: Broker News
Jones Lang LaSalle has confirmed that it is marketing part of Goldman Sachs' European headquarters in London on behalf of joint LPA Receivers, Richard Stanley and Nigel Wheeler of JLL. Peterborough Court & Daniel House, 133-140 Fleet Street, London EC4, was put into receivership last year after owner Jesta Capital was unable to repay a loan.

The landmark City of London office building forms part of the European headquarters of Goldman Sachs until 2026 and provides 34,423 m2 of office accommodation. Offers will be sought in excess of £300 mln (EUR 355 mln), the broker said.

River Court, the other element of the investment bank's complex with a surface area of 40,000 m2, was acquired by Hong Kong-listed real estate company Chinese Estates for about EUR 334 mln in January this year. That deal reflected a net initial yield of 5.25%.

'London is a huge focus for real estate investors globally at the moment. In 2010 London was the largest commercial real estate market for investment activity globally, generating £10.8 bn of transactions, of which £7.3 bn was overseas money,' said Andrew Hawkins, one of the Directors leading the sale from JLL's City Investment team.

He added: 'The London market is probably the most liquid international property market at present and we expect Goldman's EMEA HQ to appeal to a wide range of investors from the US, Middle Eastern and Asia Pacific.'
 
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