Avison Young completes first investment transaction outside North America
Apr 25, 2013, 09:00 ET
Samsung SRA Asset Management acquires 192,000-sf trophy London office building on behalf of South Korean institutional investors from Hannover Leasing
TORONTO, April 25, 2013 /PRNewswire/ - Samsung SRA Asset Management ('Samsung SRA') through Cushman & Wakefield Investors ('CWI') has acquired 30 Crown Place, London EC2, on behalf of South Korean institutional investors from a fund managed by Hannover Leasing GmbH & Co. KG.
The prime office building, which offers 192,070 square feet of Grade A office space, is primarily let on a long-term basis to major UK law firm Pinsent Masons LLP. The property is well positioned close to the Broadgate Estate and Liverpool Street station, which is expected to benefit from the Crossrail connections in the near future as well as ongoing developments in Broadgate.
This transaction represents Samsung SRA's first overseas investment and reflects the attraction of the London market to international investors as a leading financial centre and gateway city.
Samsung SRA and CWI were advised by Cushman & Wakefield and Ashurst LLP. Hannover Leasing GmbH was advised by Avison Young and Berwin Leighton Paisner LLP.
David Rendall, European CEO of CWI, commented: "We are extremely pleased to have secured such an attractive opportunity in an off-market transaction. The property offers secure income and excellent prospects from a further strengthening of the location in the medium term."
Laurent Rucker, Head of International Real Estate for Hannover Leasing, commented: We are very excited to have found Samsung SRA as a strategic partner. We look forward to working in partnership with CWI to provide the asset management for this trophy building over the next five years."
Udo Stöckl, European Investment Manager for Avison Young, commented: "We are proud to extend our relationships with European real estate owners beyond North America. The challenge of the deal was to find a buyer with the understanding of the London market and the property's trophy pricing, and who valued our client`s strong asset management capabilities and desire to continue to work as an institutional-grade asset manager."
About Avison Young
Founded in 1978, Avison Young is Canada's largest independently-owned commercial real estate services company. Headquartered in Toronto, Ontario, Avison Young is also the largest Canadian-owned, principal-managed commercial real estate brokerage firm in North America. Comprising more than 1,200 real estate professionals in 45 offices across Canada and the U.S., the full-service commercial real estate company provides value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-residential properties.
About Samsung SRA Asset Management
Samsung SRA is a real estate fund manager focused on core and core-plus commercial real estate in Korea and overseas. It is a wholly-owned subsidiary of Samsung Life Insurance, which co-invests in SRA's funds.
About Cushman & Wakefield Investors and Cushman & Wakefield
Cushman & Wakefield Investors ('CWI') is the independent investment management arm of Cushman & Wakefield ('C&W'). CWI has three offices: London, Paris and Frankfurt and currently has more than €1 billion of assets under management as at 31 March 2012. CWI provides complete property investment management services to a range of institutional clients including corporate, government and Local Authority Pension Funds, charities, family trusts and family offices. C&W is the world's largest privately-owned real estate services group, active since 1917 with global coverage through 253 offices in 60 countries and more than 15,000 employees.
About Hannover Leasing GmbH & Co. KG
Hannover Leasing counts among the leading providers of tangible assets in Germany. Shareholders include Landesbank Hessen-Thüringen (49.34 per cent), Hessisch-Thüringische Sparkassen-Beteiligungsgesellschaft mbH (48 per cent) as well as the management (2.66 per cent). Seated in Pullach near Munich, the group designs structured financings as well as closed-end funds and other investment vehicles for private and institutional investors. Investment focal points include the asset classes of real estate inside and outside Germany and aviation. So far, more than 63,500 private and institutional investors have subscribed to the funds of Hannover Leasing, investing a total of 9.1 billion Euros in equity in the process. The total investment volume of the assets under the management of Hannover Leasing adds up to approximately 15.2 billion Euros.
For further information/comment/photos:
• Sherry Quan, National Director of Communications & Media Relations, Avison Young: (604) 647-5098; cell: (604) 726-0959
• Mark Rose, Chair and CEO, Avison Young: (416) 673-4028
• Udo Stöckl, European Investment Manager, Avison Young: (416) 673 4019
Avison Young was a winner of Canada's Best Managed Companies program in 2011 and requalified in 2012 to maintain its status as a Best Managed company.
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SOURCE Avison Young Commercial Real Estate (BC)
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