Savills Investment Management plans to launch a European property fund for Korean institutions early next year, the manager said as it announced the acquisition of a £267m (€234.3m) central London office property from Almacantar.
125 Shaftesbury Avenue was acquired on behalf of a club of Korean institutional investors managed by Vestas Investment Management.
The building was built in 1982 and consists of 190,000sqft of office, retail and ancillary space over 11 floors, including ground and basement.
The office space in the property, consisting of 140,000sqft, is undergoing a comprehensive refurbishment and is leased to WeWork for a term of 20 years. The 37,000sqft of retail space is let to five tenants.
Alistair Ennever, the transaction manager, Savills Investment Management, said: “Savills IM is delighted to have advised Vestas Investment Management and its Korean institutional investors on the acquisition of 125 Shaftesbury Avenue.”
Savills said it is preparing with Vestas to launch a discretionary fund for Korean institutional investors to buy European logistics and office properties in the first quarter of 2019.
“We look forward to managing this building as the location develops and continuing our partnership with Vestas and its investors in future transactions,” Ennever said.