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.

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

April 22, 2016 |
Copyright © 2019 All Rights Reserved.
WordPress Directory Theme

Classified Ads Software

We use cookies to ensure that we give you the best experience on our website.
More about our cookies
Skip to toolbar