BMO Commercial Property Trust has sold Cassini House located in St. James’, London, for £145.5 million (€170.4 million/$202 million). The property is a prime multi-let freehold office building and represents the second-largest holding in the portfolio.
The disposal represents the culmination of a long-term business plan that involved a complete refurbishment, introduction of new tenants and re-gearing of leases.
This disposal is entirely consistent with the strategy of rebalancing the portfolio, and the company will carefully consider the use of the proceeds in the best interests of all shareholders. This includes further share buy-backs as well as property acquisitions and capital expenditure opportunities in the existing portfolio where planning consent has been achieved. The company’s existing share buy-back program is ongoing.
Richard Kirby, lead manager, commented, “Following a competitive bidding process in which the company received several high
