Madison Realty Acquires 50% Stake In Paternoster Square Assets
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Madison International Realty acquired a 50% stake in Oxford Properties’ Paternoster Square assets for £200M. The assets include King Edward Court, home of the London Stock Exchange (shown), and St. Martin’s Court, CBRE’s head office in the City of London.
Oxford Properties will act as asset manager for the new joint venture, taking Oxford’s third-party assets under management in Europe to about $1.8B. The deal is expected to complete by the end of the year.
Oxford acquired St. Martin’s Court in October 2012 and King Edward Court in April 2013. As part of Oxford’s ownership of these two assets, Oxford also manages the Paternoster Square Estate, which it has actively worked to transform through the enhancement of the retail mix and provision of community events within the piazza.
Oxford was advised by CBRE and Ashearst. Madison was advised by Fried, Frank, Harris, Shriver & Jacobson.