Rodney Clutton, joint managing director of Wates City of London Properties, has confirmed that the company is considering putting its flagship London development City Point on the market. The former BP headquarters is expected to fetch at least £400m if sold.
The move to sell the 35-storey scheme, which will be the largest office building in the City when completed later in the year, would form part of Wates’s drive to liquidate its assets in order to dissuade unwanted bid attention.
Joint managing director Clutton said: “Over the past 18 months we made no secret of the fact that we were looking to release capital from our portfolio. This strategy has been successfully implemented through the £248m portfolio sale to the Prudential, which is currently under negotiation. City Point is a major investment for a company of our size and it would be logical for us to be examining our options for this property.”
DTZ Debenham Tie Leung is believed to be marketing the building.
EGi News 21/08/00
