Leadenhall Triangle sale completed

HENDERSON Global Investors has completed the purchase of the Leadenhall Triangle site for around £190m, the fund manager announced yesterday.

The Triangle, which encompasses five sites in the City including Leadenhall Street and Fenchurch Street, was sold following interest from 11 potential bidders.

The plot’s previous owners, who were clients of Investream, hired debt-servicing specialist Hatfield Philips last summer, who in turn appointed PwC in November last year after £172m of debt secured on the assets was not repaid.

The sale followed a marketing process including over 60 information memoranda issued to interested parties, resulting in 11 initial bids being submitted, ranging from £145m to £183m.

Philip Byun, vice president, HPI said that achieving the full debt repayment “highlighted that London’s financial districts and West End retail property continue to defy the slump that affects most of the European commercial property markets”.

Henderson could not confirm yesterday whether plans drawn up by architects in 2006 to turn the triangle into 1.25m square foot site for banking headquarters would still go ahead.