LONDON—Samsung SRA Asset Management through Cushman & Wakefield Investors has acquired 30 Crown Place, London EC2, on behalf of South Korean institutional investors from a fund managed by Hannover Leasing GmbH & Co. KG.
Terms were not disclosed, but numerous news reports indicate a price of approximatley $185 million (£142M). The prime office building totals 192,070 square feet of Grade A office space, most of that leased on a long-term basis to UK law firm Pinsent Masons LLP. The property is located close to the Broadgate Estate and Liverpool Street Station, set to benefit from the Crossrail connections in the near future as well as ongoing developments in Broadgate.
This transaction represents Samsung SRA's first overseas investment and reflects the attraction of the London market to international investors as a leading financial centre and gateway city.
Samsung SRA and CWI were advised by Cushman & Wakefield and Ashurst LLP. Hannover Leasing GmbH was advised by Avison Young and Berwin Leighton Paisner LLP.
“We are extremely pleased to have secured such an attractive opportunity in an off-market transaction," says David Rendall, European CEO of CWI. "The property offers secure income and excellent prospects from a further strengthening of the location in the medium term.”
Laurent Rucker, head of international real estate for Hannover Leasing, commented: We are very excited to have found Samsung SRA as a strategic partner. We look forward to working in partnership with CWI to provide the asset management for this trophy building over the next five years.”
Udo Stöckl, European investment manager for Avison Young, commented: “We are proud to extend our relationships with European real estate owners beyond North America. The challenge of the deal was to find a buyer with the understanding of the London market and the property's trophy pricing, and who valued our client`s strong asset management capabilities and desire to continue to work as an institutional-grade asset manager.”
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