CWG today announces that the joint venture entities which own the Drapers Gardens property have exchanged contracts to sell the property to Evans Randall. The purchase price for the property is £242.5m, which reflects an initial yield of 5.2% but excludes

In June 2007 CWG entered into a joint venture with Omega Land, a subsidiary of the Morgan Stanley Real Estate funds to undertake the redevelopment of the Drapers Gardens site in the City of London. CWG acquired a 20% interest in the joint venture structure that owns the site and also acted as Development Manager throughout the development. Practical completion of the building was achieved in November 2009. The construction of the building was successfully undertaken by Sir Robert McAlpine.

In January 2010, CWG announced that it purchased for a cash consideration of £112.8 million the substantial majority of the drawn balance under the Drapers Gardens construction loan facility. This facility will be re-paid on completion.

In February 2010, CWG announced the letting of the whole Drapers Gardens property, comprising 292,418 sq ft of space to BlackRock Investment Management (UK) Limited on a term of 25 years.

 

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Enquiries:

John Garwood
Canary Wharf Group plc
0207 418 2000

James Rossiter / Alison Poole
Brunswick Group plc
0207 404 5959