Hong Kong’s K&K Property Holdings buys Orion House for £130m

Hong Kong investor K&K Property Holdings has confirmed the £130m purchase of its first London property, Orion House, WC2, from WELPUT. The 15-storey property provides around 100,000 sq ft of space, and is let to several tenants including The Office Group, which agreed to lease 37,687 sq ft of the office space on a 15-year lease in July last year, and investment manager Marathon Asset Management. WELPUT acquired Orion House in 2010 and has extensively refurbished the property. The total rent from the 10 office tenants and two retail tenants is £6.42m per year. Kino Law, chief executive of K&K Property Holdings, said: “The building offers K&K an attractive and stabilised income with strong prospects for further growth over the coming years.” Ker Gilchrist, managing director of BentallGreenOak, added: “Having owned the asset since 2010 and managed it through a business plan over a number of years, the successful sale will realise proceeds that can be deployed into WELPUT’s existing pipeline of schemes as well as new projects at what we believe is an exciting time in the London occupational cycle.” CBRE, Mayer Brown and Deloitte advised K&K Property Holdings. JLL, BNP Paribas and Norton Rose Fulbright advised WELPUT. To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette