Property group Derwent London has purchased Central Cross from Glebe Holdings. This marks a re-entry of Derwent London into the commercial property market for the first time in three years. The acquisition was 147 million pounds. Glebe purchased the building in 2007 at the height of property market boom for 224 million pounds.
Glebe Holdings is a property group backed by HBO’s investment arm Bank of Scotland Corporate. The sale of the asset to Derwent London could signal that banks are about to sell off property assets on their books to tidy up balance sheets.
John Burns, chief executive of Derwent London said: “We are delighted to have acquired Central Cross which is an excellent addition to our central London portfolio. This acquisition provides strong income at economic rental levels, together with opportunities for active management, future refurbishment and improvement of the office space which Derwent specialises in.”
Central Cross office buildign is on London’s Tottenham Court Road.