SVP to Buy London Office at 60% Discount to Offer Price (1)

Opportunistic credit firm Strategic Value Partners agreed to acquire a City of London property at a discount of about 60% from the initial asking price, highlighting the huge decline in value for all but the most sought-after office buildings.

SVP will pay more than £60 million ($77.8 million) for Senator, an office development at 85 Queen Victoria Street, according to people with knowledge of the transaction. The property was originally offered for sale in 2021 by a venture including Legal & General Plc’s asset management arm for £157 million, the people said, asking not to be identified as the ...