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Plantation Place South

Plantation Place South

April 2012
Plantation Place South

Plantation Place South

April 2012
Plantation Place South

Plantation Place South

April 2012
Plantation Place South Great Tower Street elevation

Plantation Place South Great Tower Street elevation

April 2012

Plantation Place South

Address:
60 Great Tower Street, London EC3R 5AD
Type:
Commercial
Completion:
January 2002
Offices:
1
Viewed:
9069

Description of Plantation Place South

161,000 sq ft office building in the City of London.

Connected Companies

Architect:

Buildington Rating & Notes

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News & Comments: (2)

Buildington
2012/05/03 16:09

Schroder Real Estate Investment Trust Limited announces that it has sold its 28.9% stake in One Plantation Place Unit Trust ('OPPUT'), the owner of Plantation Place, London EC3, realising net proceeds of £11.73 million. The disposal of the Company's stake forms part of a larger transaction where 100% of the units in OPPUT have been sold.

The Company's investment in OPPUT was held at nil in its latest Net Asset Value ('NAV') announcement, made on 25 April 2012, as at that point there was no certainty that the disposal would complete.

If reflected in the Company's NAV as at 31 March 2012, the net proceeds would generate a 7% uplift, taking it from £167 million, or 46.9 pps ('pence per share'), to £178.7 million, or 50.2 pps. The proceeds sit outside of the loan security pool and increase total cash held by the Company to £38.7 million. In addition, the transaction reduces the Company's overall net loan to value ratio from 41% to 38%.

Andrew Sykes, Chairman of the Company, said:

"Realising the investment in Plantation Place was identified as a key initiative to be implemented by Schroders following its appointment as investment manager in January 2012. As well as being significantly accretive to NAV, the proceeds of the disposal provide the Company with increased operational flexibility to pursue its key strategic objectives of improving dividend cover and achieving balance sheet efficiency."

Source: Schroder Real Estate Investment Trust Limited www.srei.co.uk

Buildington
2012/05/01 14:24

Plantation Place South is for sale for £144 million. CS Euroreal, the private investor open real estate fund of Credit Suisse, has appointed Müller to offload the asset.

Plantation Place South was bought by CS Euroreal in 2008 from British Land for £120m.

Home to many financial and insurance companies, including Liberty Mutual. Other tenants include Beazley and Royal & Sun Alliance.

Source: Adfero via www.mellersh.co.uk

*DISCLAIMER! Information on this page is for guidance only and remains subject to change. Buildington does not sell or let this property. For more information about this property please register your interest on the original website or get in touch with the Connected Companies.

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