Wednesday 18 December 2019 1:40 pm

K&K Property Holdings makes London debut with £130m Covent Garden deal

Hong Kong’s K&K Property Holdings has made its first investment in the London market with the acquisition of an office block in Covent Garden for £130m.

Tenants in the 90,916 sq ft tower include co-working firm The Office Group and Marathon Asset Management. 

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The former owner, central London property specialist Welput – which is managed by Bentall Green Oak – bought Orion House in 2010.

K&K Property Holdings chief executive Kino Law said: “We are delighted to have secured our first London investment in Orion House. 

“The building offers K&K an attractive and stabilised income with strong prospects for further growth over the coming years.” 

Welput previously came close to selling the building to Criterion Capital for more than £130m, however the deal was called off in October. 

Bentall Green Oak managing director Ker Gilchrist said: “Having owned the asset since 2010 and managed it through a business plan over a number of years, the successful sale will realise proceeds that can be deployed into Welput’s existing pipeline of schemes as well as new projects at what we believe is an exciting time in the London occupational cycle.”

CBRE, Mayer Brown and Deloitte advised K&K Property Holdings. JLL, BNP Paribas and Norton Rose Fulbright advised Welput.

Main image credit: CBRE