The latest valuation of Citypoint Tower reveals it has reversed its downward slide with a £37m hike in value. Knight Frank has put the value of ?the 703,000 sq ft office at 1 Ropemaker Street, EC2, at £44.3m – up from £40.7m a year ago.
Over the period Beacon Capital Partners has secured two lettings totalling 31,700 sq ft and has started ?a capital investment programme to improve the building. It bought the tower, which is in receivership, for £650m in 2007. There is £535m of debt secured on it that matures in July.
KPMG was appointed receiver to ?the property in October ?2012 after debt restructuring talks collapsed.
bridget.o’connell@estatesgazette.com
