Vintners' Place was completed in 1992 and is multi-let. The main tenants are HSBC and JP Morgan Chase. A number of rent reviews are currently outstanding, but once they are settled the building is expected to produce £8.12 million ($11.9 million) per annum. Under the terms of its lease, Irish Life had the right to receive 10% of all rents. It bought its interest in January 2000 for £11.95 million ($17.5 million).
Blackstone now owns an unencumbered 138-year lease on the property from the Vintners' Company--one of the medieval craft guilds of the City of London--subject to a head rent equivalent to 7.5% of rents receivable or £1 million ($1.46 million) per annum, whichever is the greater.
Jones Lang LaSalle advised Blackstone and Invesco Real Estate Advisers represented Irish Life.
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