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South Korean property investor Mirae Asset Management is set to acquire Cannon Bridge House in the City of London from private equity firm Blackstone for an impressive £250 million.
The large scheme is comprised of approximately 283,000 sq ft, and is currently let to a variety of successful businesses including online food delivery service Deliveroo and trading firm IG.
Blackstone completed huge renovation work on the site after purchasing it in 2015, before putting it back on the market in September last year.
This marks the second time in six months that Mirae have reached advanced discussions regarding a property in London. The firm was recently poised to buy Tower Bridge House for £205 million on behalf of a consortium of South Korean investors.
Mark Shipman from property agent Michael Elliott has noted this demonstration of confidence in the London property market by Asian investors, and has explained that it is down to “long term stable income, the attraction of favourable currency, and strong tenant demand.”
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.