The City of London headquarters of Dutch bank ING is being lined up for a sale to developers.
Deutsche Fonds Holding, the German fund manager which last year acquired IVG’s private funds business, has invited agents to pitch for a mandate to dispose of 60 London Wall, EC2.
ING’s lease on the majority of the 290,000 sq ft building expires in September next year and the company has already agreed a move to Stanhope’s 135,000 sq ft Banking Hall scheme at 8-10 Moorgate, EC2.
Developers are expected to table bids in excess of £130m to buy the building on the corner of London Wall and Copthall Avenue.
Options for a full redevelopment of the site are limited because of the protected views of St Paul’s Cathedral, but there is scope for a major refurbishment including the conversion of an existing plant floor to provide additional office space.
Deutsche Fonds has previously considered seeking a joint venture partner to help redevelop the building, but following an investor vote in December it has now decided to seek an outright sale.
It is the last major office building owned by the former IVG private funds business, following the sale of Plantation Place South, EC3, to a private investor last year.
At least four agents are expected to pitch for the mandate.
CBRE and Knight Frank advised IVG on the building and the pair are expected to compete against rival agents including Cushman & Wakefield to secure the new mandate.
A string of major City office redevelopment opportunities are expected to hit the market this year as vendors with little development expertise seek to capitalise on developer demand for new stock.
A source said: “The pricing achieved on the sale of recent development opportunities such as 80 Fenchurch Street has encouraged vendors to bring more stock to the market.”
