A consortium of Korean investors has completed the acquisition of Marks & Spencer's Paddington headquaters from Irish investment company D2 Private.
A consortium of Korean investors has completed the acquisition of Marks & Spencer's Paddington headquaters from Irish investment company D2 Private.
The transaction, which was first signalled in August 2013, involved an investment volume of around €240 mln, or a yield of 5.2%.
London-based Gaw Capital advised the consortium which is headed by the Korean Federation of Community Credit Cooperatives.
M&S is based in the 13-storey Waterside House near Paddington Station.
D2 Private worked for syndicates comprised of high-net-worth individuals to build up a London portfolio valued at £1 bn (€1.2 bn) before the crisis. Waterside House was acquired with about €170 mln of debt from Anglo Irish Bank.
More recently the company has disposed of its holdings in the London capital to pay down debt. The sale of Waterside House, carried out with Irish bad bank NAMA, completes the process.
Jones Lang LaSalle acted for advised D2 Private, while Mayer Brown advised Gaw Capital.
