Morgan Stanley 'puts Walkie Talkie stake up for sale'

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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.

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.

Source Article from http://www.standard.co.uk/business/morgan-stanley-puts-walkie-talkie-stake-up-for-sale-a3231256.html

April 22, 2016 |
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