Morgan Stanley 'puts Walkie Talkie stake up for sale'Comments Off on Morgan Stanley 'puts Walkie Talkie stake up for sale'
A slice of the City’s Walkie Talkie tower worth a possible £150 million has been put up for grabs.
Morgan Stanley is reportedly selling its 11.7% ownership of the flared skyscraper at 20 Fenchurch Street.
The stake’s potential price tag would make the building one of the most expensive in the capital, with a value of £1.3 billion, according to Estates Gazette. However, other estimates say its worth closer to £1 billion.
The sale could be hotly contested by investors looking to cash-in on the almost fully let property, which generates revenue of nearly £40 million a year, the publication added.
Morgan Stanley made its investment early in the Walkie Talkie’s development in 2011, despite a recession raising doubts that tenants would be found to fill its 37 floors.
First view of Europe’s highest roof garden – an oasis on top of the Walkie Talkie tower
Idyll: A mock-up of the garden
Panorama: A shot of the view from the tower
Ongoing work: Builders on the Walkie Talkie Picture: Alex Lentati
Sunshine: Jonathan Prynn looks at the view Picture: Alex Lentati
Skyline: Impressive view from the tower Picture: Alex Lentati
Backdrop: The Shard is seen behind construction on the new tower Picture: Alex Lentati
It bought through a vehicle managed by Canary Wharf Group, which owns 50% of the tower. Land Securities owns the remaining half.
Estates Gazette said the bank is likely to make a “substantial profit” on the asset, reflecting the success of the development, which is also home to the Sky Garden, one of the capital’s biggest tourist attractions.