The London branch of IVG Development, a subsidiary of IVG Immobilien, has confirmed it has sold its development at 14 Cornhill in London for EUR 140 mln to a sovereign wealth fund. As reported earlier in PropertyEU it is understood the buyer was Libya's sovereign fund but IVG did not comment on this.
The London branch of IVG Development, a subsidiary of IVG Immobilien, has confirmed it has sold its development at 14 Cornhill in London for EUR 140 mln to a sovereign wealth fund. As reported earlier in PropertyEU it is understood the buyer was Libya's sovereign fund but IVG did not comment on this.
Mercantile Group and Chesterton Commercial Agents advised the buyer in the transaction.
The property is located across from the Bank of England and the Royal Exchange and has undergone extensive refurbishment and extension work between 2004 and the beginning of 2008. The historic facades and listed Banking Hall of the former Lloyds Bank headquarters have been retained while the interior has been brought up to the highest standards, with 16,220 m2 of retail and flexible office space over ten floors.
Tenants in 14 Cornhill include VTB Bank Europe, Vestra Wealth, Aviva Fund Management and Gymbox.
