Sale of premier real estate portfolio More London announced

City Hall, part of More London portfolioMore London has been sold to Kuwaiti firm St Martins Property Group for approximately £1.7 billion, according to Reuter’s sources. Owners London Bridge Holdings said it had originally intended to refinance More London (which is located adjacent to Tower Bridge and opposite The Tower of London), by the early summer of 2014 but had been persuaded to capitalize on “a highly attractive offer,” the details of which it has not yet disclosed. In a statement London Bridge Holdings said the transaction had underscored its success in transforming “a blighted, brown field site into a vibrant and vital global business centre.” The site was acquired in 1998 and is now a fully managed estate, with occupiers that include the Greater London Assembly – housed in City Hall, as well as PwC and Ernst and Young.