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Imperial Place

(Image of 120 Moorgate)
(Image of 120 Moorgate)

A 240,000 sq ft suburban London office complex acquired, in 2004, for £58.6 million, jointly with Europa Capital Partners and Norwich Union.

The buildings were largely let to T-Mobile, which paid PMG, following extensive negotiations, a lease surrender premium of over £31 million. The four modern buildings were completely refurbished and reserviced and the marketing campaign commenced with their launch by Sir Matthew Pinsent. Over 100,000 sq ft was let in the first 12 months of that campaign, to Pizza Hut, Groupama, Bradford & Bingley and Signet, before the property was sold on, for an attractive profit, to Schroder's Gresham II Fund.

A fifth building of 20,000 sq ft was sold to Belllway for residential redevelopment after PMG secured planning consent for 88 new apartments.

Total capital/sale value was c.£83 million.

www.imperialplace.co.uk