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Biz News Korea(Eng)

Samsung Life places 30 Gresham Street in London for sale

Collected: 2017.04.12

Distributed: 2017.04.13

Source: Go Direct

South Korea’s Samsung Life Insurance Co. has offered to sell an office building in London it had purchased together with Deutsche Asset Management for 570 billion won ($497.2 million) in June 2013.

According to the investment banking industry Tuesday, the Korean insurer has embarked on procedure to sell 30 Gresham Street, an office complex in London let to Commerzbank as its headquarters in the U.K.

The property won’t likely have any trouble finding a buyer given the revival in the city’s commercial property market amid smooth process of a British exit from the European Union. Probable buyers are purportedly from Europe or China.

Earlier this month, Hanwha Life Insurance Co. and Hanwha General Insurance Co. were able to pocket 40 billion won from selling the One Wood Street building in London to German property fund manager KanAm Grund Group for around 290 billion won.

Previously in January, Samsung SRA Asset Management gained nearly 100 billion won by selling 30 Crown Place - the headquarters of legal firm Pinsent Masons in London - on behalf of five Korean institutional investors including Samsung Life Insurance Co., Samsung Fire & Marine Insurance Co., Kyobo Life Insurance Co., Hyundai Marine & Fire Insurance Co. and Shinhan Life Insurance Co.

By Kang Doo-soon

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