KB Securities and MG have ended a lengthy bidding process and accepted an offer of £150m for 125 Shaftesbury Avenue, WC2.
The Korean vendors have agreed a deal with Japan’s Mitsubishi Estate London and Dutch developer Edge at £30m less than the list price for the 180,000 sq ft office block, which was previously occupied by WeWork.
The deal comes amid speculation over the future of WeWork’s outlets as the company looks to renegotiate all of its leases globally with landlords.
Despite the final price tag of £150m being lower than the £180m list price, the figure does come in over the £130m price of debt secured against the block from L&G. Debt on the building, which is managed by Vestas Investment Management, is due to mature in January.
The freehold interest to the site, which is being sold vacant, was marketed by CBRE and Savills.
MG and KB bought the site from Almacantar for £267m in 2018.
View investment comparables for Shaftesbury Avenue >>
To send feedback, e-mail chante.bohitige@eg.co.uk or tweet @bohitige
