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Sign in Sign up for a FREE subscriptionKorean investor buys City of London building for £120m
Ocubis has sold City of London building Cannon Green to Korean investor KiwoomAM for £120 million ($152 million).
The office totals 110,143 square feet of contemporary office, restaurant, gym and retail accommodation.
Ocubis acquired the asset in 2013. The development by Ocubis completed in fourth quarter 2016.
The high-end serviced-office provider Pavilion, which is owned by Ocubis, has committed to around one-third of the space in the building on a long lease.
“Following an extensive assessment of the U.K. and Continental property markets with our advisers and our involvement in Project Oval, we see the purchase of Cannon Green as the first step in building a U.K. property portfolio and expanding our European portfolio,” said Sean Lee at KiwoomAM.
