The Utah, USA-based Church of Jesus Christ of Latter Day Saints is planning to buy a central London office block for around £100m according to a report by Bloomberg.
Quoting anonymous sources Bloomberg say that Property Reserve Inc., a property investment subsidiary of the church, is negotiating to buy the Alder Castle Building in Noble Street EC2 from a fund managed by M&G Real Estate. The building’s tenants include Lloyds Banking Group.
Bloomberg reveal that the
church, through another subsidiary, already own farmland in the UK as well as its real estate portfolio in the USA.
On the face of it this seems a curious potential transaction perhaps. But it isn’t unusual for churches to invest in property, ostensibly to help fund their activities. Quite possibly, the Mormons are simply joining other US investors at the moment in shopping around for a possible Brexit bargain.
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