The Crown Estate has exchanged contracts to sell the freehold interest in Royal Mint Court, London, to a fund advised by Delancey for £51 mln (EUR 57 mln). Royal Mint Court, one of the largest in the City, comprises around five acres on the site of the former Royal Mint near Tower Bridge on the eastern fringe of the City of London.
The Crown Estate has exchanged contracts to sell the freehold interest in Royal Mint Court, London, to a fund advised by Delancey for £51 mln (EUR 57 mln). Royal Mint Court, one of the largest in the City, comprises around five acres on the site of the former Royal Mint near Tower Bridge on the eastern fringe of the City of London.
The asset provides 43,663 m2 of office accommodation, most of which is concentrated in two buildings that were completed in 1989 after the responsibility for minting was transferred from the site in 1975. The main tenants are Barclays and Old Mutual.
Jamie Ritblat, CEO of Delancey said: 'We concluded this transaction within a very short timescale to comply with The Crown Estate's requirements, demonstrating the value in developing strong working partnerships. This acquisition is our first in the City of London for some time and reflects the opportunities that exist and can be exploited by cash buyers through selective identification of target assets.'
'The transaction also demonstrates our continuing commitment to London and the UK, where with more than £1 bn of equity capital available, we look forward to announcing further significant acquisitions in due course.'
BH2 advised The Crown Estate on the sale, and Gresham Down advised Delancey. SJ Berwin and Olswang provided the legal advice.
