W. R. Berkley Corp. announced it has agreed to sell a London real estate investment consisting of an office building at 52 Lime Street (also known as “The Scalpel”) for £718 million ($964.1 million), subject to agreed upon adjustments.
The transaction, which is scheduled to close on March 7, 2022, is in keeping with the company’s long-term strategy of investing for total return in order to continue delivering superior long-term value creation to shareholders despite a low interest rate environment, said Berkley in a statement.
The estimated realized pretax gain of more than $300 million in the first quarter of 2022 is subject to adjustment for final transaction expenses and certain items, including the impact of the foreign exchange rate at the date of the close.
Source: W. R. Berkley Corp.
Topics London
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