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August 23, 2019

Hyundai Asset exits from Marks & Spencer HQ building with W33b gain amid Brexit woes

PUBLISHED : April 29, 2019 - 18:04

UPDATED : April 29, 2019 - 18:04

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Seoul-based Hyundai Asset Management has exited from Waterside House building in London, known as the headquarters of UK retail giant Marks & Spencer, obtaining some 33 billion won ($28.5 million) gains, the company said on April 29.

Hyundai Asset has worked with Hong Kong-based private equity Gaw Capital Partners to manage the fund. Selling the asset for 328.5 billion won, it has recorded some 9 percent internal rate of return in UK pounds through the alternative investment scheme, it said.

The new buyer of the building has yet to be disclosed, according to Hyundai Asset. 



The company said the exit comes amid concerns about heightening market uncertainties due to tensions surrounding Brexit.

“Despite concerns surrounding Brexit that overshadow London prime properties, Hyundai Asset has set an example in securing, buying and managing the property in a core areas and exiting from it,” Rim Chai-bum, head of strategic investment at Hyundai Asset Management, said in a statement.

Korean Federation of Community Credit Cooperatives, Suhyup Bank and KB Securities -- formerly known as Hyundai Securities -- have pooled undisclosed investments in the fund.

This came a year after Gaw Capital put the commercial building up for sale in June 2018 with a price tag of some 250 million euros ($279 million). The local AMC purchased the property in November 2013.

Waterside House is located in Paddington, London. The 12-story building has 237,800 square feet office space and is wholly occupied by Marks & Spencer.

Hyundai Asset has managed funds for European commercial real estate asset investment firms since 2012.

By Son Ji-hyoung (consnow@heraldcorp.com)

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