The Blackstone Group has secured a deal to take full control of the share of the long leasehold in Vintners’ Place, EC4, it did not already own.
It has paid Irish Life £15.3m for its interest in the long leasehold. Irish Life had previously had the right to receive 10% of the rents.
In August, Blackstone paid £105.7m for the 138-year long leasehold interest from Pillar and Schroders following their acquisition of the Wates City of London Properties.
Principal tenants at the 24,785m2 (266,785 sq ft) building are HSBC and JP Morgan Chase.
The anticipated rent roll after outstanding rent reviews is around £8m pa.
Blackstone now owns the full long leasehold from Vintners’ Livery Company subject to the greater of a head rent of 7.5% of rental income, or £1m pa.
Jones Lang LaSalle advised Blackstone and INVESCO Real Estate Advisers represented Irish Life.
