Property mogul Robert
Tchenguiz has sold a high profile property investment he owned in Leeds and intends to use the proceeds to rebuild his
property empire, a report in The Telegraph suggests.
The newspaper says that Tchenguiz has sold the Quarry House office building in Leeds to Legal & General for £246m. The building is a major NHS office hub and the sale price is the highest ever for a single building outside London.
The report says that following the conclusion of a protracted legal case involving Kaupthing Bank Tchenguiz is how raising cash to invest in new UK properties and the sale of the Leeds investment has been done with this in mind. It quotes ‘close sources’ who say: “He is reviewing a number of properties to buy. Having put his legal issues behind him he is focused on recreating his empire.”
Although the sale of the
Leeds investment is interesting from a property point of view it is Tchenguiz’s
plans for the money that are probably more so – many will be watching carefully
to see where this shrewd investor puts the cash.