Asian investors keep the City of London hopping
London continues to be attractive to foreign investors. Overseas investors are scooping up assets such as 30 Crown Place in the City of London submarket, which was recently purchased by Samsung SRA Asset Management, through Cushman & Wakefield Investors, on behalf of South Korean institutional investors. The 17,800-square-metre prime office building, let to UK law firm Pinsent Masons LLP, was sold by a fund managed by Hannover Leasing GmbH & Co KG for a reported £142 million (US$218 million).
“30 Crown Place is let off a relatively low rent and is probably at a level that is recognised today as being a headline rack-rented value,” notes Bill Tyser, partner – London markets, City investment, with Cushman & Wakefield. “The opportunity for rental growth is therefore probable.”
He notes that the property is