Investment manager TPG Angelo Gordon and asset manager Endurance Land have sold their long leasehold asset on 1-5 London Wall, EC2.
The partners have agreed to sell the asset to Malaysian construction group IJM for around £72.5m and will see the building rebrand as 25 Finsbury Circus.
The duo acquired the asset for £97.1m from the City of London Corporation in 2018 and received planning permission for the refurbishment of the building in 2020, which also included its extension by more than 43,000 sq ft.
The £150m refurbishment and extension project is due to start imminently and complete in the next 36 months. IJM’s acquisition of the development, which has a projected value of £380m, is an expansion of the company’s portfolio.
The company’s existing assets include a 465-room, 15-storey aparthotel, prelet to StayCity and 79 flats at Royal Mint Gardens in Tower Hill, E1; and the redevelopment of the 11-acre former Shredded Wheat Factory site in Welwyn Garden City into a mixed-use community with 579 homes and a 180-room apart-hotel, as well as retail and leisure spaces.
Law firm Simmons & Simmons has been linked to a prelet of around to 200,000 sq ft in 1-5 London Wall, though a deal has yet to be announced.
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