Jones Lang LaSalle and Knight Frank have been temporarily disinstructed from selling Woolgate Exchange in the City.
Special servicer Capita Asset Services has stood the agents down following the collapse of a £270m sale of the 340,000 sq ft block at 25 Basinghall Street, EC2, to Malaysian sovereign wealth fund Permodalan Nasional Bhd earlier this month. The price would have reflected a 5.7% yield.
Capita plans to deal with a series of asset management issues, including the 2015 rent review and 2020 lease expiry of the property’s main tenant, West LB.
Woolgate was put up for sale last summer after owner D2 failed to repay a £272m loan secured against it following its maturity on 18 July last year.
D2 bought the building for £325m – a 5% yield – in 2006. The senior loan was securitised and a £32m junior loan from an Irish lender was syndicated to several banks.
The securitised loan went into default in November last year after the building was revalued at £255m.
jack.sidders@estatesgazette.com
