ARA Asset Management Limited's Korea subsidiary has successfully completed the acquisition of Marble Arch Place for £280 million from Almacantar, via two new private real estate funds managed by ARA Korea (REF) Limited.
NH Investment & Securities underwrote most of the requisite equity along with a co-investment from ARA, as with its investments in Seoul Square and Parc.
The deal was facilitated by ARA’s specialist UK real estate investor and active asset manager, ARA Dunedin.
The site comprises over 141,000 sq ft of luxury office, residential and retail space. The commercial element is multi-let to a diverse base of highquality tenants, enjoys a long weighted average lease term to expiry of 15 years.
5 Marble Arch was pre-let in full to Bridgepoint, a renowned listed international private equity firm, in 2019.
Anthony Kang, CEO of ARA Korea, commented: “We are pleased to have successfully acquired Marble Arch Place, one of London’s most iconic landmark assets, on behalf of our investors. Notwithstanding the pandemic, the successful acquisition is testament to ARA’s ability to seamlessly execute a deal from sourcing, negotiating, and executing, leveraging its strong track record and local presence in multiple markets globally. Given London’s status as the world’s leading financial and innovation hub, it continues to draw strong demand for its commercial assets from global investors, including Korean institutional investors. With close to 90% occupancy, we are confident that it will attract other highquality tenants with its prime location, state-of-the-art facilities, and accessibility to other parts of London. 1 The acquisition excludes the lettable area for residential use.
“Following this landmark transaction in London, ARA Korea plans to further expand its outbound investments to not only UK but also Europe, North America, and Pan Asia.”
Roun Barry, CEO of ARA Dunedin added: “We are delighted to have completed another complex transaction in London as part of our strategy of acquiring best-in-class assets. Over the past year, we have acquired Nova Estate in Victoria and Minster Building in the City for our partners, leveraging our extensive experience in the UK to close on deals despite the challenges brought on by the pandemic. The Marble Arch Place is an asset which we believe will be transformative for the location. The view of Hyde Park and the tenant line up will stand the test of time.”
Ashurst advised ARA on the acquisition of Marble Arch Place.