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Carlyle Group Engage In Major Spending Spree

In what is one of the biggest property deals of the year, the Carlyle Group has engaged on a major spending spending spree in central London, their first since 2008.

The 671 million transaction includes the purchase of six major buildings, 60 Victoria Embankment, Ludgate House, Sampson House (better known as the IBM Building on the South Bank), Millennium Bridge House (a low-rise office block between the bridge and St Paul's Cathedral, Bsi House in Chiswick, and Alban Gate, the Terry Farrell designed 82 metre building overlooking London Wall.

The portfolio will generation rent of 62 million a year for the Carlyle Group working out at a starting yield of a very respectable 9.22% showing that there are bargains to be had if you have the money to buy from distressed developers.

In the case of the Carlyle Group, they are an American company, and will also benefit from the relatively weak strength of the pound compared to the dollar which should appreciate over the longer term and amplify their returns.

The sales are the latest part of the White Tower portfolio that was amassed by tycoon and former Shard developer Ahmed Halabi in the last property boom. In June the sale of New Court on Carey Street was the first to be completed - it was picked up by the Property Unit Trust for 60 million.

Article Related buildings:

Alban Gate

Alban Gate
Bsi House

Bsi House
Alban Gate, London
Alban Gate, London