FG Asset Management buys office in City of London

FG Asset Management, the Seoul-headquartered asset management company, and London-based The Valesco Group have acquired the Cannon Bridge House ‎in the City of London for £248 million ($353 million), backed by Mirae Asset Daewoo and NH Investments & Securities, the investment and securities powerhouses operating in South Korea.

“This is the first in a series of deployments by the FG Valesco joint venture as we target assets in the United Kingdom and mainland Europe, which offer future upside based on a rigorous analysis of the underlying real estate fundamentals,” said Shiraz Jiwa, CEO of The Valesco Group.

The seller was real estate funds managed by Blackstone Group.

Cannon Bridge House, London EC4, provides 286,595 square feet of office space split across two interconnecting buildings, the newly refurbished River Building and the Atrium Building.

The River Building, comprising 91,698 square feet, has recently undergone a comprehensive £27 million ($38 million) refurbishment to produce a dynamic office environment that maximizes its warehouse heritage and is 100 percent let to tech and media companies including Deliveroo’s headquarters.

The Atrium Building provides a further 194,897 square feet of institutional office accommodation and is 100 percent let to tenants predominantly in the financial services sector, including Natixis and IG Group.