Core to redevelop Goldman Sachs’ Fleet Street HQ
Core is understood to have been appointed to lead the redevelopment of Goldman Sachs’ soon-to-be former London HQ by owner Joseph Lau’s Chinese Estates Holdings.
It was reported last autumn that Chinese Estates Holdings had invited companies to pitch for the opportunity to redevelop the Fleet Street property known as River Court, EC4.
Goldman Sachs is to vacate the building this year when it moves into its new 826,000 sq ft European HQ at Plumtree Court in Midtown, having sold and leased back the property in a £1.2bn deal with South Korea’s National Pension Service.
Core is understood to have been appointed to lead the redevelopment of Goldman Sachs’ soon-to-be former London HQ by owner Joseph Lau’s Chinese Estates Holdings.
It was reported last autumn that Chinese Estates Holdings had invited companies to pitch for the opportunity to redevelop the Fleet Street property known as River Court, EC4.
Goldman Sachs is to vacate the building this year when it moves into its new 826,000 sq ft European HQ at Plumtree Court in Midtown, having sold and leased back the property in a £1.2bn deal with South Korea’s National Pension Service.
Lau’s firm acquired the 430,000 sq ft office property in 2011 for £280m from Gresham Down Capital Partners.
Goldman Sachs is to also vacate around 350,000 sq ft at Peterborough Court and Daniel House, also on Fleet Street, and 303,000 sq ft at Christ Church Court, which is owned by another Hong Kong investor, Mr Hui Wing Mau.
He acquired the building located off Paternoster Square in 2015 from Deka Immobilien. It was let entirety to Goldman Sachs until 2025, subject to a tenant break option in 2020.
Peterborough Court, which is understood to be owned by a subsidiary of the Qatar Investment Authority, was quietly offered to investors over the summer of 2016 by JLL. Prospective buyers valued the building at around £350m – a 5% yield. The property is owned through the Cayman Islands-registered company Fleet Street Investments II.
Core, which completed on the redevelopment of Fen Court in the City last year on behalf of Italian investor Generali, is also expected to break ground next month on the redevelopment of 20 Ropemaker Street, EC2, on behalf of Old Park Lane Management.
Core declined to comment. Chinese Estates Holdings has been contacted for comment.
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