US-based private equity firm Rockpoint is to acquire the Cutlers Gardens office estate for more than £410m
The US firm completed the deal in less than a week, and exchanged contracts to buy the campus of 12 office blocks last Saturday. The deal is expected to complete in the next few weeks.
Rockpoint has acquired the building for more than £410m, which reflects a yield of around 4.7%, from JP Morgan, the US investment bank, and O'Connor Capital, a US fund management business. The building was put on the market for £400m last month through BH2.
London-based developer City Offices, which asset manages the scheme, is expected to be retained by Rockpoint. Its sister company Greycoat originally developed the campus in the 1980s when under the leadership of Sir Stuart Lipton and Geoffrey Wilson.
Rockpoint has acquired the 600,000 sq ft (55,741 sq m) estate as it undergoes a substantial refurbishment. A deal has been signed with fashion brand Missoni to locate its first English hotel at the scheme (PW, 11.8.6).