Hong Kong-based Manhattan Garments Group has completed the acquisition of 5 Fleet Place, London, EC4 from Poly Global.
The value of the transaction is about £191 million (€227 million/$250 million). Manhattan acquired 100 percent of the shares in the Jersey Company that owns the asset.
A part of the Fleet Place Estate, 5 Fleet Place comprises a 130,500-square-foot building built by British Land in 2007, which has been the headquarters of law firm Charles Russell Speechlys since. Poly Global acquired the building from Abu Dhabi Investment Authority in January 2016 and since has deployed £4 million (€4.7 million/$5.2 million) toward the refurbishment of the lower part of the property, which has been instrumental in attracting occupiers, like fintech giant PayPal and accounting firm Wilson Wright.
Poly originally instructed JLL to sell 5 Fleet Place in 2020 but postponed the sales process due to COVID-19. The building was relaunched at the end of 2021, as the
