A private property company run by former Hines and HSH Nordbank directors is close to securing its first major development deal in the City of London.
Mark Swetman’s LS Estates is in advanced talks to buy 51 Eastcheap, EC3, for £51.5m, ahead of underbidders Union Investments and Core – which could still secure a deal if the talks fail.
The building, which has consent for a £130m, 90,000 sq ft office development, is being sold by administrators at PwC on behalf of Cerberus.
LS Estates is understood to be working with former Mount Kellett head of European operations Nick Weber, who has recently launched a £500m fund backed by investors including the Omani sovereign wealth fund.
Swetman, who worked on schemes including Cannon Place, EC4, left Hines in March 2014.
He has since been joined at LS Estates by Andrew Sutherland, who left HSH Nordbank ahead of its UK exit in 2012.
Sutherland’s record includes financing developments including One Hyde Park, SW1.
LS has recently bid on several major development and value- add opportunities, including both London offices and residential.
BNP Paribas Real Estate is advising on the sale.
