A Kuwait based private equity investment firm has made its first major London purchase by acquiring a City office building.
Soor Capital Holding WLL has purchased the 55,000 sq.ft. building at 23-26 Austin Friars EC2 for £39m.
The property was originally five separate office buildings. They were purchased in a joint venture between GE Real Estate and Exemplar Properties in 2005 then fully refurbished and consolidated into one new property.
The building is currently fully let as serviced office space and includes a location operating under the Regus brand.
Abdulaziz Alduweesh, partner in Soor Capital, says the company is looking for investments that have ‘strong property fundamentals’ and offer ‘long term income’.
This latest investment further endorses the current attractiveness of the central London commercial market to those able to take a medium-long term view. Middle Eastern and Asian investors seem more than happy to adopt that position at the moment.