I love the last line: “The deal positioned Oxford to move forward with further acquisitions in the London market…..” Just how many buildings with no income do they want to buy?
Nomura lands six-year London rent break – Financial Times – Daniel Thomas – 31 August 2009
Nomura, the Japanese investment bank, will not pay any rent for almost six years on its new headquarters building in the City of London…
Mark Lethbridge, partner at Drivers Jonas and adviser to Nomura, said the transaction was the largest deal to date on a new office building in London. “We’ve secured this on terms I’m unlikely to see again in my career,” he added.
The landlord, Oxford Properties, is the property arm of an Ontario pension fund and UBS. It was advised by Knight Frank and CBRE…
The bank has signed a 20-year lease and agreed to an initial rent of about £40 per sq ft, lower than the rents of nearly £70 per sq ft demanded during the boom. But it will not have to pay any rent until 2015.
The deal positioned Oxford to move forward with further acquisitions in the London market, said Paul Brundage, Oxford vice-president.
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