Chinese insurer Taikang Life, working with Hong Kong-based private equity firm Gaw Capital Partners, has confirmed the acquisition of the Milton Gate office building in the City of London. The investment volume of £198 mln (€253 mln) reflects a net initial yield of 5%.
Chinese insurer Taikang Life, working with Hong Kong-based private equity firm Gaw Capital Partners, has confirmed the acquisition of the Milton Gate office building in the City of London. The investment volume of £198 mln (€253 mln) reflects a net initial yield of 5%.
The 18,700 m2 property generates an annual rent of £10 mln. UK private equity real estate firm Evans Randall was rumoured to have sold the property in December 2014.
Milton Gate is located on an island site within the immediate vicinity of City Point, One London Wall and the newly developed Ropemaker Place offices.
Evans Randall acquired the property for £127 mln, or a yield of 7.5%, at the bottom of the downturn in prime City of London real estate investment in 2009.
For more on the UK real estate market, see the article and video interviews from our Outlook 2015: Europe/UK & Asia Capital Flows investment briefing.