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 head lease 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. After the lease expiry In 2016, the building underwent a comprehensive refurbishment, which completed in the first quarter of 2018. The repositioning included the removal of Europe’s largest free-standing escalator bank, which added 15,000 sq. ft. of space and created one of London’s most impressive office atriums. The completed office has been let to a blend of Grade-A finance, insurance, media and tech occupiers and also houses a super-luxury gym and the City’s first microbrewery pub.
FREO and their asset management partner completed their 5 year business plan in July 2020 and Ivanhoe Cambridge, the investment partner, has retained the fully repositioned asset for the long-term.