Hong Kong’s K&K Property Holdings has acquired Orion House, Covent Garden’s iconic freehold office tower, for £130 mln (€153 mln), from Central London specialist Welput. This transaction represents K&K’s first investment in the London real estate market.
The 90,916 sq ft (8,450 m2) office building is located in the heart of the West End. During its ownership, Welput, which is managed by BentallGreenOak, extensively refurbished the building and secured several significant re-lettings. Tenants in the fully-occupied building now include The Office Group and Marathon Asset Management.
Kino Law, CEO of K&K Property Holdings, commented: 'We are delighted to have secured our first London investment in Orion House. The building offers K&K an attractive and stabilised income with strong prospects for further growth over the coming years.'
Ker Gilchrist, managing director of BentallGreenOak said: 'Having owned the asset since 2010 and managed it through a business plan over a number of years, the successful sale will realise proceeds that can be deployed into Welput’s existing pipeline of schemes as well as new projects at what we believe is an exciting time in the London occupational cycle.'
CBRE, Mayer Brown and Deloitte advised K&K Property Holdings. JLL, BNP Paribas and Norton Rose Fulbright advised Welput.
