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120 Moorgate

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

Acquired for £39 million in partnership with GMAC Commercial Mortgage, now known as Capmark – its first equity and debt transaction in the UK - this 1970s office and retail building of approximately 85,000 sq ft net was sold, late in 2004, to Redevco for £46.2 million.

120 Moorgate occupies a prime retail and office location on one of the City’s principal thoroughfares. The core retail income was enhanced by renegotiation of leases, including the surrender and reletting of one unit; while common parts and vacant office space was refurbished with lettings to various tenants, including The Prince’s Trust as its London office.

It had been intended to undertake a comprehensive refurbishment or redevelopment, and plans for both were progressed, but the sale to Redevco, through Knight Frank, represented an opportunity to take an attractive and early profit and to concentrate on larger projects.