Samsung's Crowning Glory
pattern of increasing overseas investment in City of London office property has
continued with yet another large acquisition being reported recently.
Place, EC2, has been purchased from Hannover Leasing by Samsung SRA Asset
Management, which is a subsidiary of Samsung Life Insurance. This in turn is a
division of the South Korean electronics giant.
purchase price for the 192,070 sq ft building, which is majority occupied by
law firm Pinsent Masons, is £142 million. The asset will continue to be managed
by Hannover Leasing.
SRA have chosen this building as their first overseas investment believing it
represents a sound investment which will provide good income; another sign of
the City’s economic and its continuing attractiveness to firms looking at
property investment opportunities.
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