The site which was purchased from Barclays Bank in 1997 was formerly the Headquarter buildings for Barclays, and was successfully developed by Marks & Spencer to provide a major City store together with 124,000 sf. of prime office space. The property had a book value of £93 million ($155 million) at 31 March 2003.

Marks & Spencer Property Director Chris Williams said: 'The sale of the scheme, including the offices, to Gracechurch Property, allows us to recognise the value of the underlying asset, while the leaseback enables us to retain our retail store, to service our City customers.

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