Arundel Great Court
- Acquired in October 1997 for £94.7 million (including costs)
- Equity shared between Blackstone Real Estate Advisors and Moorfield in ratio of 75/25 respectively
- £80m acquisition debt facility provided by Lehman Brothers, later increased to £94m for purpose of capital expenditure
- Ownership through Delaware Limited Liability Partnership
- 316,000 sq ft of offices (and a 150 bed five star hotel) on a 2.7 acre site
- On purchase AGC was let to Arthur Anderson (AA) on a number of leases expiring in 2002 and 2012. In March 1999 AA signed five new 20 year 'institutional' leases together with an Agreement to Lease on a 36,000 sq ft building to be developed within the AGC complex, and a complete redesign of the front entrance to the building
- The property was sold in December 2000 for £145m. IRR on the investment was 43% p.a., and it produced a gross equity multiple of 3.0 X