It has emerged that Citicorp Investment Bank sold their interest in the former Billingsgate Market on Lower Thames Street, EC3, for about £51m to St Martins Property Corporation in March.
Under the terms of the deal, which was agreed in 1986, Citicorp leased back the 100,000-sq ft building for £2.5m pa from the Kuwaiti-owned development and investment group.
Citicorp bought the former fish market in 1985 for £10m from the developers, London & Edinburgh Trust and S & W Berisford, intending to convert the building into offices for themselves, including a 35,357-sq ft dealing floor and shops in the basement. The work is thought to have cost £26m.
However, Citicorp decided not to occupy the completed development and have so far failed to find a tenant to take over their lease. The bank say they are to mothball the building while they review their property strategy for the capital.
