Evans Randall, the UK investment banking and private equity group, has emerged as frontrunner to buy Bank of America’s London headquarters

Evans Randall, the UK investment banking and private equity group, has emerged as frontrunner to buy Bank of America’s London headquarters, market sources said yesterday.

Privately owned Evans Randall is in the final stages of the deal to buy the landmark asset in London’s second financial district, Canary Wharf, from Royal Bank of Scotland, the sources said.

One real estate market source said Evans Randall could be in a position to make an announcement by the end of next week.

The sources estimated the acquisition price to be around £475 million (S$1.4 billion).

Evans Randall declined to comment. The proposed purchase would be in line with Evans Randall’s stated strategy to pursue investments in the key financial centres of mainland Europe, which the company outlined in a statement last month.

Evans Randall has forged a reputation as one of Britain’s most prolific property investors since its inception in 1993.

It has continued to invest in prime real estate in spite of the bearish mood evident in several western European property markets.

The company has bought around £2.7billion of real estate in Europe since 2005. Other landmark properties in its portfolio include 30 St Mary’s Axe - the ‘Gherkin’ building in the City of London - and the UK Financial Services Authority headquarters in Canary Wharf.

Source: The Business Times, 12 July 2007