Global alternative asset manager, The Carlyle Group (“Carlyle”; NASDAQ: CG), announced it has completed the sale of Millennium Bridge House to Shiva Hotels Ltd, the UK hospitality group, for €104,856,000.
Millennium Bridge House is an office building located at 1 High Timber Street on the north bank of the Thames in the City of London. It is fully occupied by Old Mutual, which extended its lease by seven years in July 2013, as well as Adecco, Nedbank, ADM Investor Services and Badenoch & Clark Limited.
Commenting on the disposal, Mark Harris, Managing Director at The Carlyle Group, said: “The sale of Millennium Bridge House is the third sale we have made from the White Tower portfolio over the past three years. Since identifying the longer term opportunities of this prime Thames-side asset we have worked hard to utilise a range of active asset management and redevelopment opportunities to secure its longer term prospects enabling us to make a timely disposal in line with market demand in order to deliver significant value for our investors
The riverside headquarters office building is let to four tenants producing a gross annual rent of €10,281,184 per annum reflecting a low overall rent of €543 per sq m. There is an existing planning consent for both a major office refurbishment and a conversion to a 348 bedroom hotel.
Millennium Bridge House, EC4
18,934.3 sq m
Vendor: The Carlyle Group
Purchaser: Joint Venture between Shiva Hotels and Longbow