Japanese investor Obayashi Properties UK has acquired a 11,825 square metres office block in the City of London from KGAL Investment Management.
The subsidiary of Japanese construction company Obayashi Corporation has bought 60 Gracechurch Street for an undisclosed amount. The building was sold by a closed-ended fund managed by KGAL which acquired the fully-let asset in 2011.
KGAL said the fund’s term was due to end in 2025 and 98.5% of its investors approved the sale. KGAL had worked with architecture firm PLP on an initial feasibility study to develop thirty storeys on the existing site.
Source: realassets.ipe.com on the 14th of March