More than £500m of City assets changed hands this week, with US fund manager Westbrook buying the 380,000 sq ft Beaufort House, St Botolph Street, EC3, for £300m Menolly Investments completing its £150m acquisition of the 184,000 sq ft 107 Cheapside, EC2 and US investment firm Atlas completing its £100m purchase of a 50% stake in Morley’s 20 Gracechurch Street, EC3.
Dunedin closes the door on its final shopping centres
Dunedin Property has exited the retail sector with the sale of its final two shopping centres. The firm completed the sale of its 337,000 sq ft Pentagon Centre in Chatham, Kent, to a private Southern Irish investor for more than £80m, while clients ofMutual Finance bought the 340,000 sq ft Stretford Mall in Stretford, Greater Manchester, for around £85m. Jones Lang LaSalle and Lunson Mitchenall advised Dunedin.
Woodrow cleared of bias
Camden council’s former head of planning, Brian Woodrow, has been cleared of allegations of bias against Argent’s £2bn King’s Cross redevelopment. Woodrow, who was reported to the Standards Board by former council solicitor Alison Lowton in 2004, said he had been left ill and £10,000 out of pocket by the battle to clear his name. He is talking to lawyers about how he can reclaim his legal costs as well as compensation.
AWM shortlists three
Blueprint – a jv between English Partnerships and Morley subsidiary Igloo – Langtree Group and St Modwen have been shortlisted to take over a £100m slice of Advantage West Midlands’ development portfolio. The successful developer, which will be chosen next month, will form a 50:50 jv with AWM to develop eight of its sites. King Sturge is advising AWM.
