The Kuwaiti government is closing in on a £400m deal to acquire Bank of America’s European headquarters, marking what would be one of the most valuable London office transactions since the start of the financial crisis.
St Martins Property, the real estate fund of the Kuwaiti government, entered exclusive negotiations with Evans Randall, the private equity group, on Thursday evening to acquire BofA’s Canary Wharf office tower, according to people familiar with the matter.
The talks highlight the soaring appetite among sovereign wealth funds for good quality London offices. The sale would represent a loss for Evans Randall, which acquired the 536,000 sq ft building in 2007 from Royal Bank of Scotland for £452m.
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