Mitsubishi Estate Company
C&W Services: Capital Markets
Sale of London Stock Exchange HQ
Mitsubishi Estate Company (MEC) completed the sale of King Edward Court, 10 Paternoster Square, EC4 to Oxford Properties, the real estate arm of the OMERS Worldwide Group of companies, for $366 million, reflecting an initial yield of 5.3%.
“The enhanced return from this disposal has vindicated our long term approach to investing and developing real estate in the UK. Our continued relationship with the development will remain through our ownership of Warwick Court at Paternoster.”
– HIROYUKI ARIMURA
MEC's UK Managing Director
The 246,000-square foot headquarters of the London Stock Exchange designed by Eric Parry Architects and Sheppard Robson, was completed in 2003 as part of the Japanese developer’s landmark Paternoster Square development. MEC was advised by Cushman & Wakefield and CBRE acted for Oxford on the acquisition. Proceeds of the sale will be re-circulated into MEC’s new and existing UK investment and development pipeline. This shows that firms and investors are allocating long-term investment to where it will yield the greatest return, leading to a faster rate of economic growth globally. Cross-border capital flows are an increasingly important aspect of the global economy.