London-based property investment advisory company AshbyCapital has announced the sale of 200 Aldersgate, a 434,000 sq ft (40,300 m2) multi-let office building located near London's Farringdon Station, to South Korean investor Samsung SRA Asset Management.
Financial details were not disclosed. However, press reports put the price of the deal at nearly £320 mln (€367 mln).
AshbyCapital purchased 200 Aldersgate as its maiden investment in 2013, attracted by its prospects for rental growth. The asset had been put on the market by UK property company Helical Bar through CBRE and Savills for over £200 mln (€230 mln).
During its ownership of the asset, AshbyCapital attracted new retail and office tenants, including Eat and Ford Motor Company, fully leasing the building and achieving rents over £80 per sq ft.
Rent reviews have also been completed on 35% of the building, which is the former London headquarters of law firm Clifford Chance.
Peter Ferrari, chief executive at AshbyCapital, said: 'We are extremely proud of our achievements at 200 Aldersgate. Samsung SRA has a strong track record as a strategic investor in London and we are confident the building will continue to deliver strong performance under its new owner.'
Young W. Chai, senior managing director at Samsung SRA, said the deal marks the re-entry of the South Korean investor into the London City office market after disposing of 30 Crown Place in 2016. '200 Aldersgate, a landmark office building in the revitalizing Farringdon area, offers our Global Core Office Fund #2 investors a compelling opportunity to benefit from longer term growth prospects of London as a global gateway city.'
Savills and CBRE acted for AshbyCapital; Savills Investment Management acted for Samsung SRA.
