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SL Green Realty Corp.
SLG announced today that it has acquired the
non-performing mortgage loan secured by the property at 315 Park Avenue South,
New York, NY.
Company also announced its partner Westcore Properties today
announced the sale of the Jersey Property Unit Trust (JPUT) that owns a
long-term leasehold interest in Procession House, a Class A office building
located at 55 Ludgate Hill in the City of London. The sale to a UK based
property company for $100 million closed on November 22, 2012.
SL Green will receive approximately $34.3 million in net proceeds from the
completed transaction and realize an internal rate of return in excess of 20%
on its investment. SL Green and Westcore acquired the property's mortgage in
September 2010. When the mortgage defaulted in June 2012, Green Loan Services
LLC exercised remedies and put the property into receivership.
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