Hong Kong-based Manhattan Garments Group has invested £191m (€222.3m) to buy a London office building.
Manhattan Garments has acquired the 130,500sqft 5 Fleet Place, EC4 asset from Poly Global.
Poly Global acquired 5 Fleet Place from Abu Dhabi Investment Authority in January 2016. The asset was built in 2007.
The deal marks Manhattan’s debut standalone acquisition in London. The company’s previous acquisition in London was in 2018 via a partnership with Wing Tai to buy 30 Gresham Street, EC2 for £460m.
James Tien of Manhattan Garments Group said: “5 Fleet Place is the type of high-quality investment we want to be making in London. The building has extremely strong credentials: its excellent base build, strong tenancy profile and longer-term reversionary potential make it a very attractive long-term investment for us.”
Property consultant Allsop and Millennium Group will asset and property manage 5 Fleet Place along with Mapp.
Christopher Room, partner at Allsop, said: “5 Fleet Place is a landmark building that provides exceptional office space in one of the world’s leading business hotspots. Given our long-standing expertise, alongside our partners at Millennium Group, in helping Asian investors make inroads in the capital, it has been a pleasure supporting Manhattan in acquiring this prime asset.
”5 Fleet Place is one of many landmark transactions to complete during the first quarter of 2022, showing that despite travel corridor restrictions, appetite from Asian investors for real estate in central London is still incredibly strong, especially for high-quality income-producing assets.”
Allsop, Millennium Group, Mayer Brown and Deloitte advised Manhattan, whilst JLL, CBRE, Taylor Wessing, and EY Global acted on behalf of Poly.
To read the latest edition of the latest IPE Real Assets magazine click here.
