Meyer Bergman, the new company formed out of Dutch developer MAB, has gained its first major development opportunity in the City by buying Bath House on Holborn Viaduct, EC1.
The private company, owned by the Meijer family following the sale of MAB to Bouwfonds in November, beat a number of leading developers to the site.
Rivals included Great Portland Estates with City Offices, Kier Property and Development Securities.
Meyer Bergman has made a mid-£20m offer to Favermead Assets owned by Iranian-born art collector David Khalili for the long leasehold of the site, which is held from the Crown Estate until 2068 at £90,000 pa.
The site houses a 1960s-built eyesore but has planning consent for a 150,000 sq ft Sheppard Robson-designed scheme. The existing 86,000 sq ft office block has lain empty for 18 months.
Meyer Bergman is London-based and has assets exceeding €2.5bn under management across Britain, Germany, France, the Netherlands and Spain. In the UK, it is chaired by Martin Landau, the former head of Development Securities.
Meyer Bergman’s most recent acquisition was January’s purchase of the site of London Town’s 20-storey Hopton Street Tower, SE1, next to Tate Modern, for £10.8m.
Last month, it sold 16 Coleman Street, EC2, to Pillar’s and Schroders’ CLOUT fund for £16m, after paying a Japanese investor £12m for it last year. The building is to be combined with 35 Basinghall Street, EC2, to become Standard Chartered’s new 200,000 sq ft headquarters.
Nelson Bakewell advised Favermead.
References: EGi News 08/04/05
