ARA Asset Management, via two of its private real estate funds managed in Korea, has acquired Marble Arch Place in London for £280 million ($509 million).
This newly-developed mixed use property gives views of Hyde Park and the Marble Arch, comprises over 141,000 sq ft of luxury office, residential and retail space.
It has a weighted average lease term to expiry of 15 years.
“Given London’s status as the world’s leading financial and innovation hub, it continues to draw strong demand for its commercial assets from global investors, including Korean institutional investors,” says Anthony Kang, CEO of ARA Korea.
“With close to 90% occupancy, we are confident that it will attract other high-quality tenants with its prime location, state-of-the-art facilities, and accessibility to other parts of London,” he says.
“Following this landmark transaction in London, ARA Korea plans to further expand its outbound investments to not only UK but also Europe, North America, and Pan Asia,” adds Kang.
