U.K. house-building company Berkeley Group Holdings has acquired the Beetham Tower on Blackfriars Road in London, Property Week reports. Taking the tower out of administration, Berkeley’s St George unit has purchased the site of the tower at One Blackfriars, formerly owned by Liverpool-based entrepreneur Stephen Beetham and Russian company Mirax.

The site has been into administration by a consortium of lenders including Royal Bank of Scotland. It is expected to be worth up to £85 million and has a potential gross development value of £700 million. Adviser CBRE was selling agent for the deal. Stanhope, Irvine Sellar and a joint venture between Godfrey Bradman and British Land were among other shortlisted bidders.

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