MEPC and Scottish Widows have confirmed a £205m property swap.
MEPC will acquire three of Scottish Widows’ City and Midtown properties at a net price of £84.5m and receive a balancing cash payment of £18m. And in return, Scottish Widows is acquiring five of MEPC’s office schemes in the western corridor for £102.5m.
Nathan Thompson, head of offices, at MEPC, said: “The swap is a continuation of our strategy to concentrate on substantial assets with opportunities to employ our active management and development skills in order to enhance performance.”
The deal includes the purchase by MEPC of 10/15 Lombard Street, EC3, 1-3 Dorset Rise and two adjoining buildings at 30-34 and 35-38 New Bridge Street.
Meanwhile, Tom Laidlaw, head of offices, at Scottish Widows Investment Management, said: “This transaction helps us rationalise our office holdings in the city and to concentrate on our two city schemes, Finsbury Square and Athene Place. It also represented a good opportunity to acquire around 300,000 sq ft of income producing prime office space in excellent locations.”
Scottish Widows acquired Tamesis in Egham; Kings Chase in Maidenhead, Abbotts House in Reading; Observatory House in Slough and Heathrow Approach.
EGi News 27/03/00
