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Evening Standard, UK
December 9, 2013 Monday 8:40 AM GMT
Boris gets a new landlord as Kuwaitis pay £1.7bn for More London
Boris Johnson has a new landlord, after the Kuwaitis snapped up the
site of the Mayor's offices for around £1.7 billion, one of the
largest commercial property deals ever.
St Martins group has paid the sum for the More London complex near
London Bridge, which includes the Mayor's headquarters City Hall.
Other tenants of the site include 'big four' accountants EY and PwC,
and law firm Norton Rose.
London Bridge Holdings, which sold the site, had originally planned to
refinance More London but decided to sell the after receiving the
attractive offer from St Martins.
"This transaction underscores the success of London Bridge Holdings in
transforming a blighted, brown field site into a vibrant and vital
global business centre," the company said in a statement.
Bahamas-registered London Bridge Holdings, led by Armenian businessman
Dikran Izmirlian, acquired the site in 1998. The company said footfall
More London is now comparable to Bond Street.
St Martins, the property investment vehicle of the Kuwaiti government,
already owns swathes of London including property in Threadneedle
Street, Cheapside and Canary Wharf.
December 9, 2013 Monday 8:40 AM GMT
Boris gets a new landlord as Kuwaitis pay £1.7bn for More London
Boris Johnson has a new landlord, after the Kuwaitis snapped up the
site of the Mayor's offices for around £1.7 billion, one of the
largest commercial property deals ever.
St Martins group has paid the sum for the More London complex near
London Bridge, which includes the Mayor's headquarters City Hall.
Other tenants of the site include 'big four' accountants EY and PwC,
and law firm Norton Rose.
London Bridge Holdings, which sold the site, had originally planned to
refinance More London but decided to sell the after receiving the
attractive offer from St Martins.
"This transaction underscores the success of London Bridge Holdings in
transforming a blighted, brown field site into a vibrant and vital
global business centre," the company said in a statement.
Bahamas-registered London Bridge Holdings, led by Armenian businessman
Dikran Izmirlian, acquired the site in 1998. The company said footfall
More London is now comparable to Bond Street.
St Martins, the property investment vehicle of the Kuwaiti government,
already owns swathes of London including property in Threadneedle
Street, Cheapside and Canary Wharf.