GLOBAL - Korean pension scheme the Public Officials Benefit Association (POBA) has entered the UK market with the acquisition of a City of London office asset for £165m (€206m).
CBRE Global Investors, which acquired the building from alternatives investment manager Apollo Real Estate on behalf of the pension scheme, said the asset was grade-A office, let to Rabobank and Royal Bank of Canada, with some retail and storage.
The acquisition comes as part of mandate won last year to manage a segregated account for the pension scheme focused on prime City core assets with strong long-term income.
In a statement, senior director Gary Maude described the acquisition as a "significant" entry into the market.
Meanwhile, an unnamed UK pension scheme has acquired an industrial park in Berkshire for £4.7m.
LaSalle Investment Management, which acquired the asset for the investor, did not respond to questions this week.
But in a statement the firm said the site had "strong development potential", with planning permission in place for significant residential development and more than four acres of additional development land included in the acquisition.