LPA Receivers Robert Harry Pick and Simon James Underwood of Menzies Business Recovery LLP have sold the freehold interest in Woolgate Exchange on behalf of the lenders Credit Suisse & IBRC instructed by the Special Servicer, Capita Asset Services (UK) Ltd for £265 million.
Woolgate Exchange is a landmark core City of London office building developed in 2000 by MEPC PLC. The property is located within 150 meters of The Bank of England and sits on a large freehold site area of approximately 0.66 acres (1.625 hectares). The property provides 351,263 sq ft (32,632 sq m) of high quality specified office and ancillary accommodation which is single let to Portigon Asset Management Services Ltd. The property was developed for and let to German bank, West LB. The guarantor West LB AG was underwritten by the German State of North Rhine-Westphalia. On 30th June 2012 the West LB group changed its name to Portigon . The tenant at Woolgate Exchange is now known as Portigon Europe (UK) Ltd and the guarantor is now known as Portigon AG, the internal reorganisation of the West LB group did not affect the statutory guarantees provided by the German State of North Rhine-Westphalia.
The property benefits from an exceptional City of London location and will substantially benefit from the new Liverpool Street Crossrail Station currently under construction and expected to open in 2018.
The property was acquired in a joint venture by Texas Pacific Group and Cheyne Capital. Menzies and Capita Asset Services (UK) Ltd were advised by Knight Frank LLP and Jones Lang LaSalle and Lawrence Graham Solicitors.
