Citigroup building sold for pounds 960,000.American bank Citigroup Citigroup U.S. holding company formed in 1998 from the merger of Citicorp (itself a holding company incorporated in 1967) and Travelers Group, Inc. The $70 billion merger included one of the largest U.S. investment banks, Salomon Smith Barney Inc. has sold an industrial building in Darlington for the pounds 960,000 asking price. The 15,000sq ft building let to Electronic Data Systems (EDS (Electronic Data Systems, Plano, TX, www.eds.com) Founded in 1962 by H. Ross Perot (independent candidate for the President of the U.S. in 1992), EDS is the largest outsourcing and data processing services organization in the country. ) on Morton Morton, village (1990 pop. 13,799), Tazewell co., central Ill., in a grain-farming and livestock area; inc. 1877. Food is canned, and tractor parts, washing machines, and pottery are manufactured. Business Park has been bought by a property company. The London-based buyer saw off bids from four private investors. The building, which produces pounds 66,000 a year in rents, and which was sold through property agent King Sturge, was bought by Citigroup as part of a portfolio from EDS last year. The smallest in the EDS portfolio, it is let to the IT giant for a further 15 years. The initial return to the new buyer ( the rent roll divided by the purchase price ( is 6.5%. This is expected to rise to 7.4% in 2010 and 8.3% in 2015 after rent reviews. |
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