Norges Bank Investment Management has completed a £582.5m deal to buy the City of London headquarters of Bank of America Merrill Lynch from GIC.
The 585,000 sq ft office complex occupies a 3.2 acre freehold site at 2 King Edward Street, EC1. Singapore sovereign wealth fund GIC bought the building in a 15-year sale and leaseback deal with Merrill Lynch for £480m in 2007.
A statement from NBIM said the deal had been completed with equity and that BAML would “continue to manage the property under the terms of the lease”.
Strutt & Parker advised Norges; GIC was not represented.
