A sovereign wealth fund owned by the government of Singapore has bought 50% of London's MidCity Place for a price said to be around £175 mln (€220 mln).
A sovereign wealth fund owned by the government of Singapore has bought 50% of London's MidCity Place for a price said to be around £175 mln (€220 mln).
Singapore's Temasek is buying the half share in the 352,000 sq ft (32,700 m2) prime office block from Boston-based private equity firm Beacon Capital Partners.
The purchase marks the SWF's entry into the UK capital after opening an office in March this year to start investing in Europe.
The other 50% stake in the fully-let asset is owned by Oxford Properties, the real estate investment arm of Canadian pension fund OMERS. Oxford bought the interest in 2011 for £142 mln from Beacon Capital Partners.
Although Temasek confirmed the acquisition, it has declined to provide the purchase price, which local media put at £175 mln, reflecting a net initial yield of 4.7%.
Beacon put its half share in MidCity Place on the market in May this year after having bought the building in 2007 from Delancey and Invista for £325 mln.
Temasek had assets under management of €136 bn at end-March 2014.