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Matrix Goes Offshore with City Office Scheme

LONDON-Matrix Securities has set up a tax transparent limited partnership, registered in the Channel Island of Guernsey, to take over the ownership of Northgate House, MEPC's City office building at 20-28 Moorgate, London EC2.

By Graham Parker | Updated on May 13, 2001

LONDON-Matrix Securities has set up a tax transparent limited partnership, registered in the Channel Island of Guernsey, to take over the ownership of Northgate House, MEPC’s new seven storey office building at 20-28 Moorgate, London EC2. The fund – called the Matrix Moorgate Limited Partnership – is valued at £93.1 ($132) million.

Due to be completed in early 2002, the 152,000 sq ft building has been pre-let to Cazenove & Co, the blue chip independent investment bank, on a 25 year lease, and will be managed by Matrix Property Management. The scheme has been financed by a £79 million loan from Bank of Scotland.

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