Home Business News South African baron buys Tower 42 for £282.5m

South African baron buys Tower 42 for £282.5m

by LLB Editor
22nd Dec 11 1:28 pm

South African property tycoon Nathan Kirsh has bought one of London’s most iconic skyscrapers, Tower 42, for £282.5m.

The former NatWest Tower is more than 600ft tall and is being sold by BlackRock, LaSalle, and the Hermes Property Unit Trust.

Marcus Sperber, head of EMEA real estate at BlackRock, said: “The sale of this trophy building and its 2.2 acre estate is a landmark deal for the London City office market to end the year.”

The acquisition marks Kirsh’s first deal since making around £50m when he sold his 30 per cent stake in listed developer Minerva in August.

Foreign buyers have invested more than £26bn in City properties since 2003. They account for two thirds of all investment and put London ahead of New York, Paris and Frankfurt as the world’s biggest destination for inward investment. Overseas investors own more than 44 million sq ft of office space in the City.

Swiss pharmaceuticals tycoon Ernesto Bertarelli has also acquired a retail, office, and hotel complex opposite the Ritz Hotel for around £155m.

Also, Japanese property company Mitsui Fudosan has joined forces with Stanhope to buy 70 Mark Lane in the City for £19.5m to builf a £100m office tower. The firms hope to complete the building in 2014.

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