Singaporean developer snaps up City tower in £385m deal

Singaporean-listed City Developments Limited (CDL) has acquired a 26-storey tower overlooking the Bank of England for £385m from Blackstone Group.

The deal, announced today, represents one of the largest single asset sales in the City of London this year.

The property at 125 Old Broad Street occupies a site of 0.7 acres directly overlooking the Bank of England.

It was once the home of the London Stock Exchange and was previously known as the Stock Exchange Tower.

Following a redevelopment in 2008 the building comprises 329,200 sq ft of office, retail and ancillary accommodation across three basement levels, a ground floor, mezzanine and 26 upper tower floors.

Frank Khoo, CDL’s chief investment officer, said: “We believe 125 Old Broad Street provides a complementary addition to our London portfolio, both from a geographic perspective and from a tenant mix perspective.”

Tenants in the building include property consultants Cushman & Wakefield, US law firm King & Spalding, and investment bank China International Capital Corporation.

Cushman & Wakefield advised CDL on the deal alongside law firm CMS with accountancy firm KPMG handling tax issues.

Blackstone was advised by property consultants BH2 and law firm BCLP.