Gaw buys London property for US$321m
The private equity firm teams up with Korean investors to acquire commercial building
Asian institutional investors' eagerness for European properties show no signs of abating, with Hong Kong-based private equity real estate firm Gaw Capital Partners teaming up with South Korean institutional investors to acquire a commercial building in London that houses the global headquarters of retailer Marks & Spencer for US$321 million.
Gaw Capital announced yesterday that it had bought the 237,800 sq ft Waterside House, in Paddington, on behalf of a pool of top-tier Korean institutional investors.
"There is definitely a growing demand from Asian institutional investors in safe commercial and residential real estate purchases abroad," said Christina Gaw, a managing principal and head of capital markets at Gaw Capital.
This acquisition follows the purchase of the Lloyd's Building by Ping An Insurance, advised by Gaw Capital, in July. It was the first direct overseas property acquisition by a mainland insurance company.
Earlier this month, Gaw Capital and GreenOak Real Estate acted as co-general partners to buy the six-storey Allen House in Kensington, west London.
Gaw Capital was joined in the Waterside House acquisition by the Korean Federation of Community Credit Co-operatives, Suhyup Bank and Hyundai Securities, Reuters reported.