Leadenhall sale pays off CMBS investors

Investors in the debt backing five City offices will get their money back following the £190m sale of Leadenhall Triangle, EC3. The buildings went into administration with Pricewater-houseCoopers in November 2010 after the two borrowers failed to repay £173m of debt secured against them last April.

They were two private investor groups, one from the UK and one from outside Europe, represented by asset manager Investream. Note holders in the £152m senior AMG portfolio loan, which was part of the Windermere VIII CMBS that matured last year, will receive sequential payment.

Junior lenders will also get their principal repaid before mid July. Special servicer Hatfield Philips is calculating the inter-creditor payments waterfall. Henderson Global Investors submitted a pre-emptive bid before the assets were marketed on 8 April, beating competition from other first-round bidders.

The ownership of Leadenhall Triangle will be split between Henderson’s Central London Offices Fund I; CLOF II; and Alberta Investment Management Corporation, a Canadian institutional investment fund manager advised by the group.

 

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