Wednesday , May 23 2018

City of London skyscraper stake to be offered for sale

110 Bishopgate, commonly known as The Heron Tower, centre, stands in this photograph taken during the official opening of The Leadenhall Building, commonly known as The Cheesegrater, in London, U.K. on Monday, Oct. 19, 2015. British Land Company Plc, the U.K.'s second-largest real estate investment trust, and Oxford Properties Group Inc. developed the tower, which opened last year. Photographer: Luke MacGregor/Bloomberg


Gerald Ronson’s UK property company plans to sell its stake in the City of London office building known as Heron Tower, a person with knowledge of the matter said, as overseas investors pay record values for properties in the financial district.
Ronson’s Heron International owns about a third of the 46-story skyscraper officially called 110 Bishopsgate. The stake will probably attract bids valuing the entire building at more than 760 million pounds ($1 billion), based on the price paid for the Walkie Talkie, the person said.
The rest of the building is controlled by investors including the State General Reserve of Oman Fund and members of Saudi Arabia’s royal family. Broker CBRE Group Inc. is advising Heron on the sale of the stake, the person said. A spokesman for Heron didn’t respond to repeated requests for a comment, and a spokeswoman for CBRE wasn’t immediately able to
comment to answer requests for comment.
Asian investors are paying record prices for London office buildings after the devaluation of the pound in the wake of last year’s Brexit vote. Hong Kong-based LKK Health Products Group Ltd. said that it would
pay 1.28 billion pounds to buy the Walkie Talkie at 20 Fenchurch Street, a short walk from 110 Bishopsgate.
Tenants at 110 Bishopsgate include Inc, the San Francisco-based maker of online customer management, support and human resources software, which unsuccessfully attempted to rename the property in 2014.
None of the other owners of the property currently plan to sell their stakes, the person said.

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