Woolgate Exchange Appointment
Greycoat has assisted Canadian fund Ivanhoé Cambridge and US private equity firm TPG with the purchase of Woolgate Exchange, a 340,000 sq ft office building in the City of London.
Greycoat is currently working with the owners on the asset management of the building.
The asset was acquired for £265 million and is let to Portigon Services at a rent of £16.7 million per annum. MetLife was the senior debt provider.
“This strategic change in emphasis of our business is a reflection of the change in dynamics in the central London office market.”’ said Nick Millican, Chief Executive of Greycoat. “This is a market dominated by off-shore investors looking to invest on an attractive risk-adjusted return basis in one of the largest and deepest CRE markets in the world.”