Kirsh Buys Tower 42 in the City of London for £238m

South African investor, Natie Kirsh, has purchased the iconic Tower 42 in the City of London for £283m, after a loan from Aviva Commercial Finance totalling £145m – one of the largest property loans from a single provider in the last year.

Aviva’s 20-year, fixed rate loan includes Tower 42 and the surrounding buildings. The Tower 42 estate comprises of a freehold 2.2 acre site with 6 separate buildings, adding up to a total of 900,000sqft of floor space.

The main tower offers 320,000sqft of rentable office space, 95% of which is already let.

In regards to the long term loan, Aviva told Property Week, “We are very pleased to establish the relationship with Kirsh and assist in the funding

of such an iconic and prime property. This is further evidence of our ability

to fund high quality transactions with property investors who have a long term outlook”. This suggest

that insurance companies are more likely to offer loans to property investors with a view to long term development – which is becoming one of the trends for 2012.

For more information on office space in the City of London, talk to Search Office Space today on 0800 524 4649.