Brazilian banking mogul buys City office landmark for £500m
THE OWNERS of One Plantation Place yesterday confirmed the sale of the giant City office block to one of Brazil’s richest men for close to £500m, bringing an end to a drawn-out battle to solve its debt problems.
An investment vehicle controlled by Brazilian banking mogul Moise Safra has agreed to buy the 550,000 square feet development, while Jamie Ritblatt’s Delancey will manage the building on its behalf.
Plantation Place, which is home to tenants including insurance giant Royal Sun Alliance, was developed by Ritblatt’s father Sir John Ritblat, when he was chief executive of British Land in 2004.
A consortium including Invista Foundation Property Trust and Stobart Group then bought the building for £525m in 2006.
It has since been at the centre of several bids and proposals to restructure its £435m debt. Delancey was close to taking control of the building last year but this fell through after months of negotiation.
Schroder Real Estate Investment Trust, which acquired a 28.9 per cent stake via its takeover of Invista’s mandates, said it will pocket £11.73m from the sale while fellow shareholder Stobart made a £8.1m profit.