Max Property has announced the £45 mln (EUR 56 mln) all-cash purchase of the High Holborn Estate in London from The Holborn Property Unit Trust.
Max Property has announced the £45 mln (EUR 56 mln) all-cash purchase of the High Holborn Estate in London from The Holborn Property Unit Trust.
The estate comprises nine buildings totalling 150,000 sq ft (14,000 m2) and let to over 60 tenants on a short-term basis, the current rents passing at £2.2 mln per annum.
Max said it intends to carry out a rolling refurbishment of the principal office buildings and to investigate converting the peripheral assets back to their original residential use. Debt finance will be sought at a later stage, the company added.
Contracts have been exchanged unconditionally with completion scheduled for 6 November 2012. CBRE and Allsops advised on the transaction.
