CIT has bought the King’s Reach Tower on London’s South Bank for £60m June 15th 2010

The deal is the latest for CIT as part of its joint venture with Jadwa Investment, the Riyadh-based investment bank. The pair expect to invest around £500m in the UK real estate market.

The deal to buy the iconic, 30-storey structure, designed by Sir Richard Seifert and completed in 1972 - which is currently vacant and has planning permission for a redevelopment, along with the adjacent podium building - was first agreed in January (Property Week, 14.01.10).

CIT is buying the building from LPA receiver Allsop. The property was formerly owned by Simon Halabi-linked companies.

John Barroll Brown, chairman and chief executive of the CIT group of companies said: “We place great value in our relationship with Jadwa and believe that together we have made another timely acquisition in the market cycle.”

CB Richard Ellis advised CIT.

Property Week, 15 June 2010
 

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