Standard Chartered Bank has completed a £170m sale-and-leaseback of its proposed London headquarters just days after completing its purchase of the development for £120m.
Horseracing magnates John Magnier and JP McManus have bought the 200,000 sq ft scheme at 35 Basinghall Street, EC2, at a yield of around 5.5%, in a similar deal to their November purchase of City landmark Unilever House at Blackfriars, EC4.
Both investments were carried out through Sloane Capital, run by Aidan Brooks.
Standard Chartered began negotiating the purchase of the HQ from CLOUT, the specialist property unit trust advised by Pillar Property and managed by Schroders, at around the time that Sloane completed its purchase of Unilever House.
Cushman & Wakefield Healey & Baker, which structured the sale-and-leaseback off-market for Standard Chartered, also advised Sloane on Unilever House.
An industry source said: “The quality of Sloane Capital’s performance on Unilever made them the natural choice for Standard Chartered.
“The original intention was to hold the building, but the climate now for corporations is not to take property risk for the long term, but to cash in on the weight of money chasing stock.”
Standard Chartered has signed a 20-year lease with fixed annual uplifts and will move 1,200 staff from four City offices into the building. It will be ready for occupation in 2007.
CWHB’s corporate strategy and City agency teams advised Standard Chartered.
References: EGi News 21/03/05
