City Hall, the iconic sloping Southbank building housing the Mayor’s office, has been bought for £1.7bn, in one of the largest commercial property deals ever.
St. Martins Group, the property investment vehicle of the Kuwaiti government, has paid the historic sum for the More London complex, which includes City Hall, the Scoop outdoor theatre, and the offices of Big Four accountancy firms PwC and EY as well as law firm Norton Rose.
London Bridge Holdings, who sold the site, had originally planned to refinance the complex but decided to sell after receiving the attractive offer from St. Martins Group.
In a statement, London Bridge Holdings said: “This transaction underscores the success of London Bridge Holdings in transforming a blighted, brown field site into a vibrant and vital global business centre.”
St. Martins Group already own property in several prominent areas of the capital, including Canary Wharf, Cheapside and on Threadneedle Street.
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