Whilst we enjoy the BBC's shiny new buildings around the country, it's occasionally useful to be reminded that Auntie has moved from a freeholder to a tenant in all of them. Morgan Stanley set up the bond deal that supports Broadcasting House, and have just transferred management of the mortgage to a company called Mount Street. Investors in the bond have benefited from returns way above both bank rate and inflation.
The Morgan Stanley vehicle being transferred is called Juturna (a Roman goddess of fountains, wells and springs), and the outstanding debt is £772,026,630 (secured on the redeveloped Broadcasting House in Portland Place).
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