KPMG confirms sale of CityPoint

Wednesday 21 December 2016

Receivers from KPMG in Jersey, together with Mount Street Mortgage Servicing Limited, have sold CityPoint to a Brookfield-sponsored real estate fund.

Built in 1967, CityPoint is a 35 storey commercial tower located in the City of London’s financial district. Andrew Quinn and Steve Hunt from KPMG in Jersey were appointed as fixed charge receivers over the property in October 2012.

Working alongside Mount Street as special servicer and Beacon Capital Partners as asset manager, they tried to maximise the property value by re-gearing key leases, letting vacant space and investing to restore the building. 

A sale to a Brookfield-sponsored real estate fund was completed last week, and the receivers have confirmed that the price is sufficient to repay all senior liabilities. 

Ed Boyle, partner at KPMG and lead advisor to the Jersey based receivers, commented:

“We are delighted to have achieved a sale of CityPoint against the backdrop of the Brexit referendum, which is a vindication of the receivers’ value-enhancement strategy regarding the property over the last four years.”