Wing Tai and Manhattan Garments complete City office block acquisition

A joint venture between Wing Tai Properties and Manhattan Garments Group has completed the purchase of 30 Gresham Street, EC2, from Samsung Life Insurance. The Seoul-based subsidiary of the Samsung Group, advised by DWS and Clifford Chance, instructed Knight Frank and CBRE earlier this summer to look for offers of around £425m, reflecting a yield of 4.25% for the 400,000 sq ft building. Cushman & Wakefield and Mayer Brown advised the buyer. The property occupies 1.5 acres overlooking the Guildhall and is let for a further 10 years to Commerzbank and Investec. Built in the early 2000s by Land Securities (now Landsec), 30 Gresham Street was bought by Samsung Life from GIC in 2013 for £310m, representing an initial yield of 5%. Stephen Pearson, executive director for Central London Investment at CBRE, said: “Despite continued uncertainty surrounding Brexit, international investors continue to show their commitment to London. “While we have seen a variety of capital sources deploy in London this year, Asian investors have remained at the forefront of investment transactions in 2018, and this latest transaction highlights that prime assets continue to attract the most attention.” To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette