Carlyle sells London's Millennium Bridge for €105m

Alternative asset manager The Carlyle Group has completed the sale of Millennium Bridge House to UK hospitality group Shiva Hotels for £87.6 mln (€105 mln).

Millennium Bridge House is a 200,000 sq ft (18,600 m2) office building located at 1 High Timber Street on the north bank of the river Thames in the City of London.

It is fully occupied by Old Mutual, which extended its lease by seven years in July 2013, as well as Adecco, Nedbank, ADM Investor Services and Badenoch & Clark Limited.

In June 2012, Carlyle secured planning consent for the development of a 300,000 sq ft hotel on the site of Millennium Bridge House.

Carlyle acquired Millennium Bridge House in July 2010 on behalf of its third pan-European real estate fund, Carlyle European Real Estate Partners III. The purchase was part of the £671 mln acquisition of a portfolio comprising six landmark central London properties which were formerly part of the White Tower 2006-3 plc CMBS portfolio.

The portfolio comprised 60 Victoria Embankment, Ludgate House, Sampson House, the BSI tower in Chiswick and Alban Gate.

60 Victoria Embankment, Alban Gate and the BSI Tower have already been sold and Carlyle recently received planning approval from Southwark Council to replace the Sampson House data centre and Ludgate House office building with a 1.4 million sq ft residential and office regeneration project.

Jones Lang LeSalle advised Carlyle on the transaction.