Acquisition of 3 Minster Court
Greycoat and Ivanhoé Cambridge have teamed up to buy the home of the London Underwriting Centre at 3 Minster Court in the City of London.
The property comprises approx. 275,000 sq ft of offices, and forms the southern-most block of a landmark three-acre office complex developed by M&G in the late 1980s.
The building was owned 50% by a fund managed by Santander, and 50% by German asset manager Paribus. Savills was instructed to sell Santander’s stake for around £70m late last year. However in an off-market move Greycoat was able to unlock both interests and consolidate the ownerships of the iconic building for the first time in its history.
The short unexpired term presents opportunities to substantially reposition the building through a comprehensive refurbishment deliverable by mid-2017.