Triangle has completed a £212.5m off-market purchase of the Holborn Links Estate, WC1, financed by Deutsche Bank.
The price reflects a capital value of £534 per sq ft. It was bought on behalf of Perez International, which represents a consortium of international investors managed by Triangle Group.
The 3.3-acre estate comprises 42 buildings totalling 320,000 sq ft, including shops and restaurants along Southampton Row and Sicilian Avenue, as well as offices and flats on Southampton Place.
Triangle bought the assets from Eliasz Englander’s Englander Group.
The completion comes more than six months after Triangle exchanged contracts on the deal. It had put down a £4.5m deposit to buy the buildings. This money was later deducted from the purchase price.
Deutsche Bank is understood to have financed the purchase with a loan of between 50% and 60% LTV, equating to between £106.3m and £127.5m.
Triangle and Deutsche Bank declined to comment on the funding.
Since buying the Holborn Links Estate for £118m in 2000 from Hammerson and Standard Life, Englander Group invested heavily in making the portfolio boutique and popular.
Tunc Guven, partner and group chief financial officer at Triangle, said the company is now planning to further invest in the portfolio, including more asset management to increase the value, and changing the use of some of the properties.
Rick Denton, chief executive of Triangle, added:“This strategic acquisition is a consequence of our international clients seeking to grow their presence in London. The Holborn Links portfolio compiles a valuable balance of property assets and includes our second hotel acquisition in the area. Our first being the Lifestyle Hotel L’Oscar, a creation of Jacques Garcia which is currently under development and due to open at the end of 2015.”
Savills advised the buyer; the vendor was not represented.
