Kuwait's St. Martins Group pays GBP1.7 billion for mayor's office in London

December 9
6:26 AM 2013

Kuwaiti firm St. Martins Group has bought the More London complex for approximately GBP1.7 billion. The said structure next to Tower Bridge includes the headquarters of Mayor Boris Johnson, according to City A.M.

The sale of the said complex is one of the largest commercial property deals in the UK. The transaction is due to be formally completed in January, the report said.

The 10-year old development was designed by Foster & Partners. The property includes the City Hall, a sunken amphitheatre known as The Scoop, and offices of tenants including Terra Firma Capital, EY, Norton Rose, and PwC, the report detailed.

St. Martins purchased the commercial property from London Bridge Holdings, a Bahamas-based firm managed by Armenian tycoon Dikran Izmirlian. London Bridge had originally planned to refinance the 13-acre estate. However, the company decided to let go of property after receiving an attractive offer from St. Martins, the report explained.

London Bridge said in a statement yesterday, "This transaction underscores the success of London Bridge Holdings in transforming a blighted, brown field site into a vibrant and vital global business centre."

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