Kuwait Buys London Mayor’s Headquarters For $2.8bn

A Kuwaiti investment firm has bought the London property development which houses the office of London’s mayor for 1.7 billion pounds ($2.8 billion).

St Martins Group, the UK investment vehicle of Kuwait’s government, acquired More London from London Bridge Holdings. The development, which stands next to Tower Bridge in Southwark, includes Boris Johnson’s headquarters City Hall.

When completed formally next month, the sale will be one of the largest UK property deals ever.

As well as housing City Hall, the 10-year old development also includes a sunken amphitheatre and offices let to corporate businesses including PwC, Ernst & Young, Norton Rose and Terra Firma Capital.

The purchase adds to a growing portfolio for St Martins, which already owns several prominent properties including Hay’s Galleria, situated very close to City Hall, and 60 Threadneedle Street in London’s financial district.

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.

“It is an important symbol of London’s position as an international business centre with morning, lunchtime and early evening footfall traffic at levels comparable to Bond Street.”