Search
 

Record $9B-Plus Up for Sale in London

LONDON-Hardening yields, rising values and strong investor demand prompt property owners to cash in their assets. The $9.3 billion up for sale in London is a record.

By Anita Howarth | Updated on October 09, 2006

LONDON-A record euro 7.4 billion ($9.3 billion) of commercial property has been put up for sale in the city of London as owners seek to capitalize on strong investor demand and soaring values, according to a new report by CB Richard Ellis. Tony McCurley, CBRE’s executive director for Central London investment, says that at least euro 4.8 billion ($6.1 billion) of property was formally up for sale and a further euro 2.6 billion ($3.3 billion) of property was available unofficially on the so-called gray market.

DB Real Estate is the latest investor to put a trophy building up for sale after inviting agents to pitch to market Tower Place. The office complex was designed by Lord Foster and is located next to the Tower of London. DB is understood to be looking to sell it for about euro 444.8 million ($560 million) having paid euro 318.6 million ($401.7 million) for it in 2003.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.