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Thursday, December 29, 2011

Nathan Kirsh South African Real Estate Tycoon Buys London's Tower 42 For $440 Million

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A South African property magnate has finalized a deal to acquire one of London’s most famous landmark skyscrapers,London daily City A.M has reported.

Nathan Kirsh, 79, will be acquiring London’s Tower 42 for $440 million from its previous owners, Blackrock UK Property Fund, Hermes Property Unit Trust and LaSalle Investment Management. It has not yet been made public how he Kirsh intends to finance this acquisition.

Tower 42, which was officially opened in 1981, is currently the fifth tallest building in London. The 183 metres (600 ft) high building was formerly known as the NatWest Tower because it was originally built to house the National Westminster Bank’s International Division. In 1993, the tower was damaged by an IRA bomb and was subsequently renovated and sold off by the bank.

Kirsh is one of Africa’s most successful real estate developers. Born in 1932 in South Africa, he holds residency status in Swaziland, the United States and the United Kingdom. His real estate holding company, Kirsh Holdings Group, owns extensive and extremely valuable residential and commercial properties in London, Australia and South Africa. In August, the Wits University grad sold his 29% stake in Minerva, a listed British property developer for $78 million.

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