Great Portland and HSH Nordbank team up at Triton Court

Property company and German bank will jointly refurbish City office space

Article posted: 12 Jan 2011

Great Portland Estates and HSH Nordbank are set to join forces to refurbish office space in the City of London at Triton Court in Finsbury Square, EC2.

The listed 200,000 sq ft office building will retain its existing classic façade but the interior space will be brought up to grade A standard.

Triton Court was placed into receivership in June by HSH Nordbank. Owners, Glenn Maud’s Propinvest and Jack Petchey’s Incorporated Holdings bought the property in January 2007 for £120m from Maurice Golker’s Investream.

The peak market purchase was a joint venture between Propinvest and the 85-year-old investor Petchey’s Incorporated Holdings vehicle, each providing £10m of equity and HSH Nordbank providing a £100m loan on a three year term. In June it was thought that the value of the property has dropped by a staggering £80m.

Back in 2007 the building was generating around £7.4m of annual income but many of the leases on the property have now expired to the point where only £1m a year in rent is being received by owners.

Posted by Aree