Transactions - NOVEMBER 26, 2014

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Chinese investment venture buys London office

by Andrea Waitrovich

Chinese insurance company Taikang Life Insurance and Gaw Capital Partners have made an offer of approximately £200 million ($319.6 million) for the Milton Gate office property in London’s CBD. The seller is AGC Equity Partners, which purchased the assets in 2010 for £150.5 million ($237.6 million).

The nine-story office property totals 201,666 square feet. It is 100 percent occupied, serving as the headquarters of Addleshaw Goddard.

According to Real Capital Analytics, this is Taikang Life Insurance’s first deal in the London office market, while Gaw Capital has been an active investor in the market. In September, Gaw Capital paid £191 million ($317 million) for the Exchange Tower with its joint venture partner Korean Teachers’ Credit Union. The seller was BlackRock Real Estate. Gaw Capital acted as the adviser and co-investor in the deal for the Korean Teachers’ Credit Union and a pool of other Asian investors.

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