Resolution and Lehman buy Queensbridge House loan

Hatfield Philips International (HPI), Europe’s largest independent Primary and Special Servicer, has successfully completed the sale of the Queensbridge House loan to Resolution Property and Lehman Brothers Holdings Inc. (LBHI). According to well-informed sources, the buyers paid EUR 6 mln for the EUR 36 mln debt facility.

Queensbridge House is one of the last remaining development sites on the north bank of the River Thames with both direct river frontage and views across to the Globe Theatre. A planning application was submitted in 2008 for a new 300 bedroom hotel and nine luxury apartments. Resolution Property is continuing to work closely with the City of London Corporation to bring forward a mixed-use development, which may now also incorporate office accommodation.

Robert Wolstenholme, Executive Director at Resolution Property, commented: 'The successful purchase of the Queensbridge House loan is a clear demonstration of our capability and expertise and the resources we have available to execute such transactions. This has been a long process working positively with Hatfield Philips to deliver, what we feel to be, the best result for all parties concerned.'

'We are delighted to have taken this important step toward the long-term success of Queensbridge House,' said Jeffrey Fitts, co-head of LBHI’s real estate group and managing director at Alvarez & Marsal, a firm overseeing LBHI’s restructuring and working to preserve and maximize value for the benefit of all stakeholders. 'Our commitment to this property has been and remains significant. We look forward to working with the Resolution Property team to reinvigorate the asset, demonstrate our commitment to current and future tenants and build the value of the property going forward.'

Allsop and Co acted for Resolution Property, and Hatfield Philips were represented throughout by Cooke and Powell LLP.