The Jehovah’s Witnesses is considering a sale of the majority of its UK property portfolio.

by JHK 4 Replies latest watchtower scandals

  • JHK

    Every thing goes to heaven... What about money?

    The properties are generally located in strong residential areas and interest is expected from residential developers and investors, retirement and care home providers, and hotel companies.

    IBSA was not prepared to put a value on the portfolio but its most recent accounts for the year ended 31 August 2014 reported total fixed assets of £73m. However, a sale would be expected to generate proceeds in excess of that figure.

  • jookbeard

    I wouldn't be surprised in excess of a £100m for the properties around the Mill Hill area, I wouldn't mind betting the ultra orthodox groups involved with the Brooklyn sell offs involved, prime real estate of huge value in that area, in the heart of a very wealthy Jewish community

  • shepherdless

    This looks genuine. For those who do not want to click on the link, the heading, and first sentence of the article are slightly misleading; the article is only referring to properties in and around Mill Hill, not the whole "UK property portfolio".

    It makes sense that they would sell these properties eventually, once Temple Farm is built. However, I remember on another thread (about a week ago?) that the revised details for the Temple Farm complex have only been decided very recently.

    Watchtower must be in a rush. Perhaps the UK branch needs some of the proceeds to fund the work at Temple Farm, or perhaps Watchtower generally is just selling anything it can, these days.

  • Phizzy

    If they sold all the stuff at an around Mill Hill it would make sense to get planning permission on it all to convert buildings where this make sense to residential, and to build new homes on the land.

    This way they would get many millions, 5 bed houses around Mill Hill are fetching one £Million. Think what a plot is worth. 15 plots to the acre ?

    Their holding of 22 acres could bring them in a shed load. Many millions.

  • JHK

    The end it's at hand! The Governing Body Bank needs all the money...

    Heavenly hope, but true love for real estate.

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