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Far Eastern investors delve into SW1 market with multiple deals

Far Eastern investors delve into SW1 market with multiple deals
29th August 2016

Far Eastern investors delve into SW1 market with multiple deals

Two Far Eastern investors have taken timely advantage of the post-Brexit fallout, by making a series of acquisitions throughout SW1.

A private, high net worth individual from Standard Life purchased 23 King Street (SW1), after the proposed deal between Standard Life and Chinese Estate’s Joseph Lau unfortunately collapsed as a direct result of the Brexit vote. The 45,000 sqft office was secured for a whopping 10% below the original bid from Joseph Lau; roughly £130 million. It is fully let to a mix of tenants, with quoting rents at around the £115 per sqft mark.

Another SW1 asset being considered from the Far East is TH Real Estate’s Ryder Court, which is under offer to a private Chinese investor for £110 million – a yield of 4%. The corner block, comprising 12-16 Ryder Street and 13-17 Bury Street, is being sold to pay back redemptions from the fund manager’s UK Property fund – yet another casualty of Brexit.

Eugene O’Sullivan, Director at tenant acquisition specialists Morgan Pryce, believes overseas investment will continue throughout the year:
“Post Brexit, there are plenty of opportunities for overseas investors to snap up deals throughout London. The market will always attract money. Whether it be for the prestige of owning a building in SW1, diversification tactics, or investment in a safe-haven location, London is still the global centre for commercial buildings”.

This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.

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