LONDON, UNITED KINGDOM
Jan. 28, 2013
/CNW Telbec/ - Ivanhoé
and TPG, a leading global private investment firm, announce the acquisition of Woolgate Exchange, a high-quality office building located in
business district. The transaction represents an investment of
), bringing the total investment in
to more than
) over the past twelve months.
The 351,000 square-foot (33,000 square-metre) trophy asset is located in the heart of the
City of London
, close to the Bank of
, and has been acquired through a complex and innovative financial structure. Ivanhoé
is co-investing with TPG which has originated the transaction. The asset will be co-managed by the joint venture.
In 2012, TPG entered into an agreement to acquire the junior loan from the Irish Banking Resolution Corporation. By working with the senior and junior creditors the partnership was subsequently able to acquire the asset in a proprietary transaction. Previously, the asset was held in a defaulted capital structure. The purchase will partially repay the junior loan secured against the building, fully repaying senior bondholders.
Woolgate Exchange is situated on a 1.6 acre (0.65 ha) freehold site with three underground levels, a ground floor and eight upper floors. The asset is currently 100% leased to Portigon AG, with high-quality sub-tenants including Investec Asset Management,
University of Chicago
"Woolgate Exchange is among the outstanding assets in the
market, whose value can be optimized with the combined expertise of TPG and our teams," said
, Chairman and Chief Executive Officer of Ivanhoé
. He continued: "Based on our strong European asset portfolio valued at more than
, which we are currently repositioning, and our knowledge of the
market, we are building a platform with the intention of opening an office in
"This investment is perfectly in line with our strategic positioning in
," added Mr. Fournier. "We are convinced that it will generate attractive returns for our depositors."
, TPG Partner, said: "This innovative transaction again highlights our ability to source and execute quality property investments through complex CMBS restructurings. We believe there will be a number of other similar opportunities throughout
in the years ahead. TPG is fortunate to have a great partner in Ivanhoé
, with whom we collectively bring extensive experience in real estate investing and asset management."
About Ivanhoé Cambridge
is one of the 10 largest real estate companies in the world. Through its multiple subsidiaries, it holds assets in 24 countries valued at over
December 31, 2011
is a real estate subsidiary of the Caisse de dépôt et placement du Québec (
), one of
leading institutional fund managers with
held in net assets. For more information, visit
About TPG Real Estate
TPG Real Estate is the real estate platform of TPG, a leading global private investment firm founded in 1992 with
of assets under management and offices in
, São Paulo,
. TPG has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, growth investments, joint ventures and restructurings. TPG Real Estate has committed approximately
of equity to real estate investments over the last two years. Many of the firm's recent investments have focused on property-rich platforms, including investments in Catellus Development Corporation, ST Residential,
, Parkway Properties Inc. (NYSE:PKY), Merin BV (formerly Uni-Invest BV) and Mission West Properties.
Further information is available at
Image with caption: "Ivanhoé
and TPG complete acquisition of Woolgate Exchange. (CNW Group/Ivanhoé
)". Image available at: