A credit union based in South Korea is rumoured to be close to finalising a deal to purchase London offices.
With the overall aim of capitalising on the relatively low prices for offices in the capital, the Korean Teachers’ Credit Union are currently looking for a 12-storey office building.
Lee Kun Ho, the Korean Teachers’ Credit Union’s negotiator, refused to specifically name the building they’re currently in talks for – with the talks thought to be at a delicate stage in the negotiation process.
He did however add that an announcement would be made soon.
Commenting further, Mr Lee stated: “The price is still attractive for us to earn around 6 per cent annually, and possibly further returns upon selling the building after a few years.
“A majority of our investment is still in financial assets, and we seek to diversify as bond yields are low and stock markets volatile. Asian investors with sufficient liquidity can seize the investment opportunity amid financial turmoil in Europe and the US.”
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