Global private equity company Carlyle Group has sold its 107 Cheapside development in the City of London after a protracted legal battle with Irish buyer Menolly Investments, the company announced in a press release on Monday.
Global private equity company Carlyle Group has sold its 107 Cheapside development in the City of London after a protracted legal battle with Irish buyer Menolly Investments, the company announced in a press release on Monday.
The sale of the 184,000 sq ft office development from the Carlyle European Real Estate Partners Fund to Menolly Investments was orginally agreed in January 2007.
Finalisation of the deal followed a move by Menolly to drop its Court of Appeal action following a High Court decision which ruled in Carlyle's favour that the scheme was practically complete.
According to estimates by Property Week, Menolly is believed to have agreed to pay around £150 mln (EUR 170 mln) for the scheme.
