KWAP completes £215m City acquisition
Posted by:
Victor Pardis on
18th April 2013

KWAP, advised by RREEF, finalised the deal to
buy the iconic Richard Rogers-designed office property from National Pension
Service of Korea for a reported £215m.
The Southeast Asia government retirement fund
has recently been increasingly active in the City’s investment market; last
year it placed 5 Aldermanbury Square under offer for around £225m before the
deal was terminated. In October 2012, it completed its purchase of 10
GreshamStreet, for £200m.
NPS bought the 247,000 sq. ft. 88
Wood Street
in November 2009 for £183m.
The tower is home to occupiers including
Mitsubishi, Hewlett Packard, Collins Stewart and National Australia Bank. The
total current income equates to around £12.7m per annum, with an average
weighted lease term of over seven years.
All parties declined to comment.
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