Gaw and South Koreans Acquire City of London Office Building
Downtown, based in Los Angeles, bought the Vintners Place building at 68 Upper Thames Street with a South Korean group including the Korea Federation of Community Credit Co-Operatives and the Korean Teachers’ Credit Union, according to a statement from the fund manager. The purchase price wasn’t disclosed.
The 26,000-square-meter (277,000-square-foot) building is located on the bank of the River Thames, close to Blackfriars rail station. The property is about half of the size of the Leadenhall Building, the office tower nicknamed the Cheesegrater that is being developed by British Land Co. Plc and Oxford Properties Group Inc. in the City.
The purchase is the third real estate deal completed by the group, which bought First National Plaza in Chicago last year and 333 Market Street in San Francisco in 2010, according to the statement.
“We have always viewed London, New York and Hong Kong as the three global gateway cities where international capital flows,” Goodwin Gaw, managing principal at Gaw and Downtown, said in the statement. “Assets trade at a liquidity premium.”
The building had been owned by Vintners Propco Sarl, a Luxembourg-based company, from September 2007, according to documents filed with the Land Registry. It was bought that year using a mortgage from Deutsche Genossenschafts-Hypothekenbank AG, the filing shows.
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