Henderson Global Investors and a Canadian sovereign wealth fund have completed the joint acquisition of the Leadenhall Triangle office complex in the City of London, special servicer Hatfield Philips International (HPI) said on Tuesday. When the deal was first reported in mid-May the investment volume was believed to be substantially in excess of £190 mln (EUR 217 mln).

Leadenhall Triangle comprises: 52-56 Leadenhall Street, 49 Leadenhall Street, 22 Billiter Street, 109-114 Fenchurch Street, 100 Fenchurch Street and 9-13 Fenchurch Buildings. The property was sold following bids from 11 potential investors.

The complex had been valued at £139.7 mln in July 2010, with outstanding loans of £172 mln (EUR 194 mln). Hatfield Philips said the full repayment of the AMG Portfolio Mortgage Loan from the sale highlighted that prime London properties could defy the European slump in commercial real estate if the asset was managed properly and marketed appropriately.

The former owners of the campus, clients of property fund manager Investream, brought in special servicer Hatfield Philips in June last year due to concerns about the ability to repay the loan. Hatfield Philips put the site in administration under PwC in November after the loan was not repaid. Property advisory Cooke and Powell was subsequently appointed as asset manager and has stabilised the income stream

The final sale followed a marketing process including over 60 information memoranda being issued to interested parties, resulting in 11 initial bids being submitted, ranging from £145 mln to £183 mln.

Philip Byun, vice president of HPI, said: 'Maximum value for the Leadenhall Triangle site was achieved by acting quickly as soon as the original borrower defaulted. We overcame attempts by the borrower to frustrate and adjourn the administrator appointment, brought multiple parties (advisor, administrator, counsel) to cooperate and focus on the end resolution and strategically engaged with all lenders to deliver achievable and acceptable results to all lenders.'