The Kuwait Investment Authority (KIA) has just announced it has purchased British Land’s Willis Building for GBP 400million (Sterling Pounds). This is one of the largest property deals this year. The KIA bought the Foster & partners designed building through its property investment subsidiary - St Martins. In a statement by St Martens the company stated that this is one of a number of deals over the next two years.
“We have an appetite for landmark buildings and this was a rare opportunity to secure one of London’s finest”
-Nigel Brown, St Martins managing director
Signs that the commercial property market in England was declining was evident when British Land agreed to pay St Martins ‘a sweetner’ of GBP 60 milllion to secure the deal. The cash is equivalent to the rent-free period that insurance broker Willis had negotiated with British Land when it agreed to occupy the building.
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