Madison International Realty has exchanged on the purchase of 50% of Oxford Properties’ Paternoster Square properties for circa £200m, as tipped by Estates Gazette.
From November: Madison under offer on Paternoster assets
The price for the share in King Edward Court, home of the London Stock Exchange, at 10 Paternoster Square and St Martin’s Court, CBRE’s City office, at 10 Paternoster Row, EC4, reflects a yield of around 4.5%.
Oxford Properties will act as asset manager for the new joint venture, taking Oxford’s third-party assets under management in Europe to C$1.8bn (£1.1bn). The deal is expected to complete by the end of the year.
Oxford acquired St Martin’s Court in October 2012 and King Edward Court in April 2013. As part of Oxford’s ownership of the two assets, Oxford also manages the Paternoster Square Estate, which it has worked to transform through the enhancement of the retail mix and provision of community events within the piazza.
Ronald Dickerman, president and founder of Madison International Realty, said: “We have purchased over £300m of real estate in London since the EU referendum and have every confidence in both the city’s continued position as a leading global financial centre and its enduring appeal as a destination for international businesses.”
Oxford was advised by CBRE; Madison was unrepresented.
• To send feedback, e-mail louisa.clarence-smith@estatesgazette.com or tweet @LouisaClarence or @estatesgazette
