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LONDON-Two of the Peabody private equity funds run by J P Morgan have spent £146 million ($210 million) on a portfolio of nine central London office buildings. The vendor, Security Capital European Realty’s London office subsidiary City & West End Group, has retained three development sites but otherwise the sale amounts to a liquidation of its investment portfolio.

The portfolio includes buildings in Victoria Street, Clifford Street, Wardour Street and Percy Street in the West End; Savoy Court in Midtown and Lime Street in the City. The three development sites to be retained by Security Capital are in The Strand, Savile Row and South Street but Security Capital will continue to manage the investment portfolio on behalf of Peabody.

Debt finance for the acquisition came from Morgan Stanley and the German mortgage bank Deka. The Peabody funds now have over £450 million ($650 million) invested in London property. In February 2001 they bought the Cutlers Gardens estate on the eastern fringe of the City of London for £300 million ($440 million).

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