A US fund backed by Asian investors has bought a well-known office in the City of London that was secured by Lehman Brothers debt.
Downtown Properties, a division of Hong Kong-based GAW Capital, is understood to have exchanged contracts to buy Vintners Place on the North bank of the Thames for about £150m, representing a yield of around 7%.
The 265,000 building was owned by US private equity firm Atlas Capital, which bought it for £175m in 2007.
The building is well-known for its mock-classical facade and marble interiors. The debt to fund Atlas’s deal was provided by Lehman Brothers.