ING Real Estate has withdrawn a large office asset in the City of London from the market after the liquidity crisis derailed two attempts to sell it.
ING Real Estate has withdrawn a large office asset in the City of London from the market after the liquidity crisis derailed two attempts to sell it.
The Dutch property giant put the 23,000-m2 office block at 88 Wood Street up for sale in April 2008 seeking £240 mln (now EUR 275 mln). Boston-based Atlantic Property Partners and more recently German open-ended fund manager SEB both looked at the property, but a spokeswoman for ING Real Estate said the negotiations were suspended in both cases as the potential buyers were not able to complete the deal in the specified timeframe. Both bids are believed to have been below £200 mln.
The tenants in the building designed by the Richard Rogers Partnership are Bryan Cave; Collins Stewart; Hewlett Packar; Merrill Lynch; Mitsubishi Estate Company and National Australia Bank.
Large lot size transactions, principally central London offices and shopping centres, remain limited due to the lack of availability of debt, according to JLL. The broker is forecasting a 55% fall in direct commercial property investment volumes this year.
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