Malaysian infrastructure group buy One Crown Place for £55m

Kasmira Jefford
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A MALAYSIAN infrastructure group was yesterday confirmed as the successful buyer of investment bank UBS’s development site at One Crown Place.

AlloyMtd Group has bought the freehold of the development near Finsbury Square from a UBS vehicle called Sun Street Properties for around £55m. The 380,000 square feet tower, which will include a hotel, offices and shops, has received strong interest since being put up for sale through CBRE in February.

The site, which has planning consent, was originally planned to be used as the location for the new UBS office before Blackstone and British Land agreed to develop headquarters for the bank at Broadgate. The Broadgate estate was allowed to be redeveloped after City A.M successfully campaigned for the building not to be given Grade II listed protection.