LONDON-While there has been no official statement, numerous media reports indicate that St Martins, the property division of the Kuwaiti Government, paid $2.8B to buy a London real estate development that includes London City Hall, an amphitheater, offices and stores and restaurants.
London Bridge Holdings announced the sale of modern landmark, More London, to a “well-established London property owner” but did not name the buying party. Reports in late October indicate that St Martins had made a bid on the property, and Bloomberg and others broke the news this week, and Reuters cited an unnamed source that was involved in the transaction in indicating that St Martins was the buyer.
The development, which is adjacent to Tower Bridge in Southwark, is 10-years old. Tenants include PwC, Ernst & Young, Norton Rose and Terra Firma Capital. London Bridge Holdings said in a statement that it originally planned to refinance More London by the early summer of 2014 but, when presented with a "highly attractive offer" it determined to move on a sale.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
