Investment from Asia is pouring into the City of London property market, with the amount spent on office blocks by South Koreans about to reach a record high.
They are expected to have invested £3bn by the end of this year, according to Savills, the property consultancy, making them the largest foreign buyers. The National Pension Service of Korea, the third largest public pension fund in the world, has already made the biggest property transaction this year of any buyer.
It bought Goldman Sachs’ new headquarters near Holborn for £1.16 billion, the second highest sum ever paid for a building in the UK. The pension fund bought the freehold to the property and is leasing it back to Goldman on a 25-year lease.
