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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