3 Minster Court is the largest building of an iconic 3-acre, 620,000 sqft office complex completed by Prudential in 1991.
At the time of acquisition, the ownership of 3 Minster Court was held in an effective 50/50 split between Santander and a fund managed by Hamburg-based Paribus Real Estate. Following a competitive process, FREO was selected by Santander to acquire its underlease interest. FREO simultaneously entered into an off-market exclusivity agreement with Paribus to acquire its headlease interest. In successfully merging both legal interests, FREO was able to unlock single ownership for the first time in the building’s history. Both interests were ultimately acquired in February 2015 by Ivanhoe Cambridge.
Upon its completion in 1991, 3 Minster Court was leased to a single tenant for 25 years. At the expiry of the lease in 2016 the asset underwent a comprehensive repositioning with delivery in late 2017. FREO retains a material interest in the project in conjunction with a separate asset management partner.