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.
SL Green Realty downgraded to Hold on lack of value creation at Stifel As previously reported, Stifel downgraded SL Green Realty to Hold from Buy. The firm said the company's value creation stagnated in the first half of 2015, which will be a drag on valuation.