WEALTH INVESTMENT manager Warren Partners has sold the largest of two office buildings which serve as the European headquarters of Goldman Sachs in London.
River Court, a 430,000sq ft (39,947 sq m) block at 120 Fleet Street, was sold to the Hong Kong-based property company Chinese Estates for £280 million. The net initial yield will be 5.25 per cent.
Warren Partners acquired the landmark building for £246.5 million in 2001 in a joint venture deal with Green Property Company. About a year later Warren bought out Green’s interests and in 2006 it refinanced the investment with a UK bank and released some of the profits to the original 20-plus Irish investors, who include businessmen beef magnate Larry Goodman, Green Property’s Stephen Vernon and Jim Flavin of DCC.
River Court stands on the site of the former Daily Express headquarters on Fleet Street, and was built for Goldman Sachs by the Japanese company Itochu. The US investment bank invested heavily on providing the building with a five-star fit-out. The lease has another 10 years to run.
Warren Partners was advised on the sale by Gresham Down Capital Partners.
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