SL Green Realty to receive $34.3M net proceeds in sale of London office asset SL Green Realty and its partner Westcore Properties announced the sale of the Jersey Property Unit Trust that owns a long-term leasehold interest in Procession House, a Class A office building located in London. The sale to a UK based property company for $100M closed on November 22. SL Green will receive approximately $34.3M in net proceeds from the completed transaction and realize an internal rate of return in excess of 20% on its investment. SL Green and Westcore acquired the property’s mortgage in September 2010. When the mortgage defaulted in June 2012, Green Loan Services LLC exercised remedies and put the property into receivership.
News For SLG From The Last 14 Days
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SL Green Realty consolidates ownership of Citigroup's headquarters property SL Green Realty Corp. (SLG) announced an agreement to acquire Ivanhoe Cambridge’s stake in 388-390 Greenwich Street, thereby assuming full ownership of Citigroup Inc.’s (C) headquarters 2.6 million square foot property located in Tribeca. The transaction values the consolidated investment interest at $1.585B. Callahan Capital Properties served as an advisor to Ivanhoe Cambridge for this transaction. Closing is anticipated to occur during 2Q14.