Korea’s Samsung Asset Management is in exclusive talks to buy AshbyCapital’s 200 Aldersgate, EC1, for close to £320m.
Savills and CBRE were appointed to sell the 434,000 sq ft asset, known previously as Little Britain, in September at a price reflecting a yield of around 4.5%. The deal will provide a strong return on Ashby’s investment in the building, which it bought from Helical in 2013 for £225m.
It was the business’s first purchase since it was established by chief executive Peter Ferrari following his departure from Heron International. Once completed, the disposal will also be the first Ashby has undertaken.
When Ashby made its purchase, rents in the building were between £40 to £45 per sq ft, but have they since risen to above £80 per sq ft. It is multi-let to tenants including FTI Consulting, Thomas Cook and Cass Business School.
Conglomerate Samsung deploys capital for five of its financial affiliates – Samsung Securities, Samsung Life Insurance, Samsung Card, Samsung Fire & Marine Insurance and Samsung Venture Investment – as well as third-party institutional and retail investors.
It has also been looking to deploy its $437m (£330m) Samsung Global Core Office Real Estate Investment Trust No 2, since it was launched in July. The nine-year vehicle, which has a two-year investment period, will invest in core and core-plus offices in major cities in the US, UK, France, Germany, the Netherlands and Australia.
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