Kuwaitis buy into City safe haven

KUWAITI property firm St Martins Corporation has bought a £176m office development at the heart of the City from Hammerson, in the latest sign of overseas investors buying into London as a safe haven. The nine-storey office tower at 60 Threadneedle Street is on the site of the former stock exchange, having been redeveloped by Hammerson in 2009 at a cost of £124m. The 214,200 square foot property represents an initial yield of 4.75 per cent for the Kuwaiti government. More than £5bn of property is on the market in the City and Canary Wharf, as sellers look to cash in on an appetite for the relative safety of prime London real estate.