£650m Plantation Place pulled from the market

By James Buckley - Monday, April 09, 2018 15:25

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The owners of Plantation Place in the City of London have opted to withdraw the sale of the building, having previously dropped the asking price to £650m, CoStar News can reveal.

Trustees of the late Brazilian banking mogul Moise Safra instructed Knight Frank and CBRE to sell the building for around £700m – a net initial yield of 4% - a year ago, having bought it in 2012 for £470m, reflecting a yield of around 5.5%.

However, the vendors dropped the asking price to £650m – a 4.25% yield – last autumn to reflect the level of demand for the asset.

CoStar News understands that Beijing’s Grand River Properties had previously been is advanced discussions to buy the building but the deal did not progress.

Plantation Place, EC3, was developed by British Land in 2004. Pacific Life and Pricoa Mortgage Capital Group funded the circa £283m 10-year senior loan to refinance Safra’s Plantation Place acquisition. The senior loan marked the maiden UK senior loan for Pacific Life.

jbuckley@costar.co.uk  

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