Greycoat and Cheyne Capital buy Procession House

Posted in April 2013

Greycoat has purchased the long leasehold interest in Procession House, EC4 in partnership with Cheyne Capital.

The 105,000 sq ft City office building is situated at 55 Ludgate Hill, and is let to Goldman Sachs, Waterstones, TM Lewin, and Starbucks. Having identified the opportunity, Greycoat led the legal, accounting and real estate due diligence, and secured debt from senior provider, Santander.

Greycoat has existing mandates for the asset and development management of around 1.5 m sq ft of central London property. Its portfolio includes the Tower 42 Estate, EC2 (formerly the Nat West Tower and surrounding estate), 101 New Cavendish Street, W1 and the Business Centre at 30 Crown Place, EC2. Development management mandates include Wellington House, WC2, Tower House Hotel, EC3, and both 33 King William Street EC4 and 120 Fenchurch Street EC3.