Receivers from KPMG in Jersey, together with Mount Street Mortgage Servicing Limited (“Mount Street”) acting as special servicer, have confirmed they have achieved a sale of CityPoint to a Brookfield-sponsored real estate fund.
Built in 1967, CityPoint on Ropemaker Street, EC2 is a 35 storey commercial tower located in the City of London’s financial district. Andrew Quinn and Steve Hunt from KPMG in Jersey were appointed as fixed charge receivers over the property in October 2012. Following their appointment and working alongside Mount Street as special servicer and Beacon Capital Partners as asset manager, the parties sought to maximise the property value by re-gearing key leases, letting vacant space and investing capex to restore the image and quality of the asset.
A sale process was started earlier this year and a sale to a Brookfield-sponsored real estate fund was completed on Thursday 15 December 2016, at which time the receivers ceased to act. The receivers confirm that the sales price is sufficient to repay all senior liabilities. However, the overall transaction price remains confidential.
Ed Boyle, partner at KPMG and lead advisor to the Jersey based receivers, commented:
“We are delighted to have achieved a sale of CityPoint against the backdrop of the Brexit referendum, which is a vindication of the receivers’ value-enhancement strategy regarding the property over the last four years.”