Samsung SRA Asset Management ('Samsung SRA') through Cushman & Wakefield Investors ('CWI') has acquired 30 Crown Place, London EC2, on behalf of South Korean institutional investors from a fund managed by Hannover Leasing GmbH & Co. KG.
The prime office building, which offers 192,070 square feet of Grade A office space, is primarily let on a long-term basis to major UK law firm Pinsent Masons LLP. The property is well positioned close to the Broadgate Estate and Liverpool Street station, which is expected 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.
David Rendall, European CEO of CWI, commented: "We are extremely pleased to have secured such an attractive opportunity in an off-market transaction. 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."
26/04/2013 16:22 by Buildington
Hannover Leasing has acquired the office building at 30 Crown Place in London for £139 million from Greycoat Central London Office Development Fund.
Certified as “very good” according to the BREEAM green buildings standard, the building covers some of its power demand through large photovoltaics panels on the roof. It includes 17 storeys as well as two basement floors, adding up to a net lettable area of 18,397 square metres. The property is earmarked for a closed-end real estate fund to which it will be added in Q3 2011.
Since January 1, 2011, the lettable area has 85% been let to the international law and consultancy firm Pinsent Masons LLP on a 20-year lease ending on December 31, 2030. The tenant on the remaining 15 percent of the floor space is Crown Place Financial Ltd. Once the latter’s five-year lease expires, Pinsent Masons will take over these premises, too, for a 15-year period ending at year-end 2030.
01/09/2011 19:17 by Buildington