Offer Made for London Office Building Marketed for $460 Million

An offer was made for Woolgate Exchange, a City of London office block leased to German bank WestLB AG, after it was put on the market in October for 290 million pounds ($460 million).

“An offer to purchase the property has been received and discussions with the prospective purchaser are ongoing,” according to an Irish Stock Exchange filing by loan servicer Capita Asset Services (UK).

In 2006, the building was purchased by Irish investment company D2 Private Capital for 325 million pounds, according to a statement on its website. A spokesman for D2 Private wasn’t immediately available for comment.

The loan for D2 Private’s purchase was provided by Anglo Irish Bank Corp. Plc and the senior tranche was subsequently acquired by Credit Suisse AG and now it’s part of a commercial mortgage backed security called Cornerstone Titan 2006-1, according to a regulatory filing for the security.

Knight Frank LLP and Jones Lang LaSalle Inc. are the brokers for the property, the stock exchange announcement said.

To contact the reporter on this story: Neil Callanan in London at ncallanan@bloomberg.net.

To contact the editor responsible for this story: Andrew Blackman in Berlin at ablackman@bloomberg.net

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