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July 29, 2010
Derwent London Re-enters Commercial Property Market
Property group Derwent London has re-enetered the commercial property market for the first time in three years with the £147m acquisition of an office building on London’s Tottenham Court Road.
The FTSE 250 company bought Central Cross from Glebe Holdings, a property group backed by HBOS’s investment arm, Bank of Scotland Corporate, as a cornerstone investor.
The sale by Glebe Holdings of the HBOS/Lloyds backed asset could raise concerns that banks are about to conduct wider sell offs of the property assets on their books.
Glebe bought the building in 2007 at the height of the property market for £224m.