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Wed 4 Dec 2013 09:27 AM

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Abu Dhabi-backed Carlyle Group in $143m sale of London site

Millennium Bridge House overlooks the Thames and is set to be turned into a hotel

Abu Dhabi-backed Carlyle Group in $143m sale of London site
The Millennium Bridge area along the Thames in London

Carlyle Group, the US private equity firm in which Abu Dhabi’s Mubadala Development Company owns a 7.5 percent stake, has completed the £87.6m ($143m) sale of London’s Millennium Bridge House to UK hospitality group Shiva Hotels Ltd.

Millennium Bridge House is a 200,000 square foot, seven-storey commercial building close to St Paul’s Cathedral and with views over the River Thames and the Tate Modern. Carlyle acquired it in July 2010 as part of the £671m acquisition of a portfolio of London landmark buildings.

The other assets in the portfolio included 60 Victoria Embankment, Ludgate House, Sampson House, the BSI tower in Chiswick and Alban Gate. 60 Victoria Embankment, Alban Gate and the BSI Tower have already been sold and Carlyle has recently received planning approval from Southwark Council’s Strategic Planning Committee to replace the Sampson House data-centre and Ludgate House office building with a major 1.4 million square foot residential and office regeneration project.

In June 2012, Carlyle secured planning consent for the development of a 300,000 square foot hotel on the site.

“Since identifying the longer term opportunities of this prime Thames-side asset we have worked hard to utilise a range of active asset management and redevelopment opportunities to secure its longer term prospects enabling us to make a timely disposal in line with market demand in order to deliver significant value for our investors,” said Mark Harris, managing director at The Carlyle Group.

Jones Lang LeSalle advised Carlyle on the transaction.

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