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40 Leadenhall

Henderson Global Investors acquires Leadenhall Triangle

Henderson Global Investors has entered into a legally binding agreement with the Administrators to acquire the properties known as the ‘Leadenhall Triangle’.

Henderson Global Investors has entered into a legally binding agreement with the Administrators to acquire the properties known as the ‘Leadenhall Triangle’.

Henderson Global Investors has acquired the site on behalf of itsCentral London Office Fund (CLOF), its Central London Office Fund II (CLOF II) and Alberta Investment Management Corporation (AIMCo).

The price is subject to confidentiality clauses in the agreement but is around £190m. The outstanding debt secured against the site was around £172m.

The administrators were appointed in November 2010 following the borrower's default and a review undertaken by Cooke& Powell LLP, who were engaged as strategic property advisers by Hatfield Philips International in their capacity as special servicer of the loan.

While the administrators were preparing the assets for sale, Henderson Global Investors submitted a preemptive bid prior to marketing, which led to the administrators entering into an arrangement with them. The site was formally placed on the market on 8 April when the Administrators and Cooke and Powell LLP issued an information memorandum to more than 60 interested parties. Following inspections of the properties, first round bids were called for and were received on 6 May.

Following the conclusion of the initial marketing phase, a large number of offers were received and on subsequent analysis of the offers it was determined that concluding a contract with Henderson would represent the best outcome for all stakeholders. An unconditional contract was entered into between the Administrators and Henderson at the sale price on 13 May, with completion due on 16 June.

Nick Deacon, Fund Manager at Henderson, said:

“We are delighted with the acquisition of this highly sought after site which is a significant transaction for the Henderson Central London office team and for the City investment market.

“The transaction also presents the opportunity for us to work alongside our partners AIMCo once again.

“We are confident that we will be able to unlock significant value from the site, whether that be the wholesale redevelopment of the site or the refurbishment and active management of the existing buildings.”

Mark Batten, partner at PwC and joint administrator, said:

“We are delighted with the sale, which we are satisfied represents the best price that could have been achieved in the circumstances and is a very good result for all stakeholders.”

Simon Cooke of Cooke and Powell LLP, appointed as asset managers in November and who advised on the sale, said:

“ This is an excellent outcome for the noteholders and also for Hatfield Philip’s International Ltd, as Special Servicer to the loan, whose decision to appoint an Administrator, after the loan defaulted in April 2010, has been fully vindicated.’’

Philip Byun, Vice President at Hatfield Philips International, said:

“Our focus has always been on recovering the outstanding debt for all the lenders by ensuring that the multiple parties (advisor, administrator and counsel) cooperate and focus on the end resolution. We are very pleased with the current successful outcome.”


1. The properties are within close proximity to Lloyd’s of London and 30 St Mary Axe (the Gherkin) within the City of London's EC3 area. They are: 52-56 Leadenhall Street/17-18 Billiter Street; 49 Leadenhall/22 Billiter Street; 109-114 Fenchurch Street; 100 Fenchurch Street; and 9-13 Fenchurch

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