South Korean investor Mirae Asset Global Investments is making its debut UK property acquisition with the £205m purchase of Tower Bridge House, E1.
Mirae is fronting a consortium of South Korean investors on the acquisition of the 236,217 sq ft office building from Malaysian sovereign wealth giant Employees Provident Fund.
The purchase price reflects a net initial yield of around 4.6%. Mirae Asset Global Investments Group is the asset management arm of Mirae Asset Financial Group and manages more than $100bn (£76.8bn) in assets globally, with a presence in Australia, Brazil, Canada, China, Colombia, Hong Kong, India, Korea, Taiwan, the UK, the US and Vietnam.
EPF instructed Savills in January to sell Tower Bridge House, seeking offers in excess of £200m, a 4.5% net initial yield. It also instructed Savills to sell 11-12 St James’s Square, SW1, for £180m, a net initial yield of 4.25%. The West End office sold in May to Chinese Estates for £175m.
EPF bought the building in 2011 for £163m, reflecting a yield of 5.6%. Tenants include Pacific Life RE and Mazars.
Colliers is advising Mirae.
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