The owners of the Royal Exchange are believed to be close to completing the £80 million sale of the City landmark.
Last month the Irish Bank Resolution Corporation (IBRC) appointed CBRE to advise on the sale of the historic building which is home to a number of high-end retail tenants including Tiffany and Montblanc.
At the time, Head of UK Retail at CBRE, Phil Cann, said; “Opportunities to purchase such an iconic building like the Royal Exchange don’t come along very often.
“We have received interest from a number of investors and strongly believe that due to the luxury range of tenants and the potential to drive rental growth, the Royal Exchange is a fantastic investment opportunity.”
The exchange opened as a centre of commerce in 1571 and was awarded its royal prefix by Queen Elizabeth I. The original building was destroyed during the Great Fire of London in 1666. It was rebuilt and stood on the same site until 1838 when it, once again, burned to the ground.
The third Royal Exchange was opened by Queen Victoria in 1844 and was occupied by Lloyd’s of London for many years. Surprisingly, given the building’s unfortunate tendency to fall victim to fire, it survived the Blitz but trading ceased following the Second World War.
In the late twentieth century the property was extensively restored creating space for boutiques and restaurants in the courtyard. Other facilities were added shortly afterwards making the Royal Exchange a popular destination in the Square Mile.
Now it is reported that bids were accepted last week and a deal is imminent. The identity of the bidders has not been revealed but the City of London Corporation, which jointly holds the freehold of the property, is believed to be interested. Dutch fund Meyer Bergman has also been linked with the purchase.
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