Korean bidder to buy UBS HQ in £1.25bn deal
Korea’s National Pension Service is to buy UBS’s London headquarters at 5 Broadgate, EC2.
NPS has agreed terms to buy the site (pictured) for £1.25bn from CK Asset Holdings after a bidding war with the Hong Kong Monetary Authority.
The deal brings an end to a sales process which has been ticking along since the summer, when it first emerged that CK Asset Holdings was considering offloading the site.
Korea’s National Pension Service is to buy UBS’s London headquarters at 5 Broadgate, EC2.
NPS has agreed terms to buy the site (pictured) for £1.25bn from CK Asset Holdings after a bidding war with the Hong Kong Monetary Authority.
The deal brings an end to a sales process which has been ticking along since the summer, when it first emerged that CK Asset Holdings was considering offloading the site.
A price of £1.25bn would reflect a yield of 3.7%. CK Asset Holdings paid £1bn for the development in 2018.
Other early bidders included Singapore-based Bright Ruby Resources and Abu Dhabi sovereign wealth fund the Mubadala Investment Company.
The deal, which is expected to complete in the new year, follows NPS’s joint investment with Hines to buy the development at 18 Blackfriars, SE1, for £200m in September.
5 Broadgate, which competed in 2015, will be UBS’s only building in London. The Swiss bank prelet the 750,000 sq ft development in 2012 until at least 2035.
Last year, it decided not to renew the lease on its other remaining office at 1 Golden Lane, EC1.
In 2018, NPS and LaSalle teamed up to buy Goldman Sachs’ European headquarters at Plumtree Court, EC4, for £1.2bn.
Colliers managed the sale on behalf of CK Asset Holdings on behalf of chairman Victor Li, who took over the company in 2018.
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