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Friday, July 17, 1998 Published at 18:59 GMT 19:59 UK

Business: The Company File

Famous tower sold for top price

The NatWest Tower has recently been refurbished after bomb damage

The tallest building in the City of London has been sold for 226m.

The famous NatWest Tower, which is now called the International Financial Centre, has being sold to Greycoat, the property investor, and two of the UK's largest fund managers, Hermes and Mercury Asset Management

The sale of the tower by the NatWest banking group has sparked a flurry of interest from potential buyers. Greycoat is believed to have topped another offer from rival property investor Wates.

The final sales price is much higher than analysts had expected.

The 183 metre tower has undergone a 80m facelift since being badly damaged by an IRA bomb in 1993. The building re-opened last November.

The three partners will all inject 27m into the project with the rest of the financing coming from a 160m bank loan organised by the Hypo-Bank.

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The Company File Contents

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