Hong Kong-based private equity firm Gaw Capital Partners has completed the purchase of Waterside House for a group of South Korean investors.
The deal is reportedly worth around $321 million, according to Reuters. The Paddington-based London office building is currently used by British retailer Marks & Spencer Group as its headquarters.
Gaw has revealed that it will manage the building on behalf of the investors.
Waterside House is composed of 237,800 sq ft of office space, and was designed by Richard Rogers.
Chairman and managing principal at Gaw, Goodwin Gaw, spoke about the deal. He said: “We are so pleased to acquire the striking and stunning Waterside House at Paddington London, Richard Rogers designed this iconic building as well as the Lloyd’s of London Building and The Pompidou Centre in Paris.”
With the deal for Waterside House, Gaw has now completed deals for four pieces of UK property for clients. It previously helped Chinese insurance company, Ping An Insurance, purchase the Lloyd’s Building back in July – marking the first time a mainland China-based insurance company had directly acquired property overseas.
Managing principal and head of capital markets, Christina Gaw, shared her belief that the interest held by Asian institutional investors in real estate abroad was growing.
By: Kirsty MacGregor
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