Hong Kong’s K&K Property Holdings has bought 15 Adam Street, WC2, from a Swedish pension fund for £66m.
The six-storey freehold building, which was comprehensively refurbished in 2019, has just under 54,000 sq ft of office and retail space and is let to 10 tenants.
It has a WAULT of approximately 7.5 years to expiries and an average office rent of £66.50 per sq ft.
The purchase marks K&K’s fourth foray into London’s West End in the past two years. In 2020, it bought Endeavour House on Shaftesbury Avenue and Corinthian House on Tottenham Court Road in a £180m double deal. That followed a £130m deal in 2019 to buy Orion House from Welput.
The latest deal takes the value of K&K’s London portfolio to £380m, with an overall occupancy of 93%.
K&K chief executive Kino Law said: “We are optimistic about the prospects of the commercial property market in London, and intend to expand our property investment portfolio in the UK for long-term investment purposes. We will continue to actively invest into different types of commercial assets and expand our portfolio in the future.”
K&K was advised by CBRE and Mayer Brown International. JLL and Fladgate advised the vendor.
See how CBRE’s and JLL’s West End deal volumes compare in EG’s On-Demand Rankings >>
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