German lender BayernLB has completed the sale of Bavaria House, its London headquarters since 1989, ahead of moving into new premises in May 2015.
German lender BayernLB has completed the sale of Bavaria House, its London headquarters since 1989, ahead of moving into new premises in May 2015.
Bavaria House comprises 4,000 m2 of space and occupies an island site at 13-14 Appold Street on the edge of the Broadgate Estate.
The building was sold for an undisclosed price in October to a vehicle named Appold Broadgate Owners S.à r.l.
BayernLB decided earlier this year to seek a new London base due to the advanced age and obsolescence of the building. Knight Frank was appointed to advise on the sale, with Shepherd and Wedderburn providing legal advice to the bank.
The marketing of Bavaria House was launched in June 2014 and attracted a wide range of interest from developers considering office, hotel and residential redevelopment. After a large number of viewings and over 10 bids in the first round, the winning bidder, a subsidiary of a property owner with other holdings in London, was chosen. Law firm Slaughter and May advised the buyer.
BayernLB's new office is the Moorhouse building in London's Moorgate district. Markus Wiegelmann, chief financial officer and chief operating officer at BayernLB, said: 'The move into the new premises is a key part in the restructuring of our activities in London to a very focussed and client-oriented lean branch model.'
