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Lloyds of London Building
London, United Kingdom
In late 2003, following a competitive tender process, Shelbourne entered into exclusive negotiations to purchase this iconic, Richard Rogers designed building in the City of London for £236m, which represented a net initial yield of 7%.
The vendor was Deka, a German investment company.
An extensive due diligence process followed and financial backing was secured from Goldman Sachs International. Buro Happold, a leading firm of international structural engineers, was retained by Shelbourne to conduct a survey of the building. Following their observation of map cracking, which is characteristic for Alkali Silica Reaction (‘ASR’), laboratory tests were recommended. Shelbourne Development and Deka agreed to instruct St. Albans Testing Services (STATS), a specialist technical consultancy, to carry out the tests. The results showed the presence of ASR in all core samples examined. As a result of this Shelbourne felt that as an investment the building was less attractive and was not comfortable to proceed any further.
The vendor was Deka, a German investment company.
An extensive due diligence process followed and financial backing was secured from Goldman Sachs International. Buro Happold, a leading firm of international structural engineers, was retained by Shelbourne to conduct a survey of the building. Following their observation of map cracking, which is characteristic for Alkali Silica Reaction (‘ASR’), laboratory tests were recommended. Shelbourne Development and Deka agreed to instruct St. Albans Testing Services (STATS), a specialist technical consultancy, to carry out the tests. The results showed the presence of ASR in all core samples examined. As a result of this Shelbourne felt that as an investment the building was less attractive and was not comfortable to proceed any further.
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