US justice dept completes sale of Mayfair office
The US Department of Justice has completed its sale of 8-9 Stratton Street, W1, to the National Bank of Egypt (UK).
The bank is to make the Mayfair office block its new headquarters in London.
EG reported in June that the bank was under offer to acquire the property for around £34m.
The US Department of Justice has completed its sale of 8-9 Stratton Street, W1, to the National Bank of Egypt (UK).
The bank is to make the Mayfair office block its new headquarters in London.
EG reported in June that the bank was under offer to acquire the property for around £34m.
It was one of several assets that Malaysian fugitive Low Taek Jho, more commonly known as Jho Low, and his family agreed to forfeit in October last year as part of a lawsuit brought against the properties in 2017 by US prosecutors in California. It was formally forfeited on 29 February 2020.
The property was previously home to fashion firm Myla.
Johnny Bray, salaried partner at DTRE, which sold the property on behalf of the US department of Justice, said: “The sale of 8-9 Stratton Street, following a very competitive process, is an excellent result for the United States Department of Justice’s Kleptocracy Initiative in its efforts to recover the proceeds of corruption and maximise the value of such assets when they are confiscated.”
Tim Pierce, partner, London capital markets at Knight Frank, which advised the National Bank of Egypt (UK), said: “Even in these turbulent times, the acquisition of 8-9 Stratton Street following a competitive process once again reinforces the allure and rarity of quality freehold office buildings in the world-renowned Mayfair submarket.“
In addition, Farrers also acted for the US Department of Justice, while Dentons acted for the National Bank of Egypt (UK).
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