Gaw Capital Partners Acquires Waterside House at Paddington London, Follows on Gaw Capital Partners’ Advising of the Lloyd’s of London Building Purchase
November 21, 2013–Hong Kong-based private
equity real estate firm Gaw Capital Partners today announced that it has
acquired the Waterside House
at Paddington in London on behalf of a pool of top-tier Korean
institutional investors. Gaw Capital Partners is the
advisor and co-investor in the Waterside House deal and will become the
asset manager. It is the fourth acquisition in London led by Gaw Capital
Partners on behalf of its Asian clients and is its eighth separate
account direct investment since 2010.
This significant acquisition follows on the
purchase of the iconic Lloyd's of London Building by Ping An Insurance in July.
Gaw Capital Partners advised Ping An Insurance on the purchase and it was the
first direct overseas property acquisition by a mainland China insurance
Designed by star architect Richard
Rogers, the 237,800 square feet, Waterside House is located
in one of the largest regeneration developments in Europe and is one hundred
percent occupied by Marks & Spencer,
where the property serves as its global headquarters.
Goodwin Gaw, Chairman and Managing Principal, said, “We
are so pleased to acquire the striking and stunning Waterside House at
Paddington London.” “Richard Rogers designed this iconic building as well as
the Lloyd’s of London Building and The Pompidou Centre in Paris.”
In addition to the purchase of Waterside House at Paddington, Gaw Capital Partners and GreenOak Real Estate acting as co-General Partners, also announced earlier
this month the acquisition of Allen House, a prime residential building located
on Allen Street in the Royal Borough of Kensington and Chelsea. The six-storey
property represents a unique opportunity to acquire a prime freehold
residential building in one of London’s most desirable locations.
“These two London acquisitions build on the
success we had advising the purchase of the Lloyd’s of London Building,” said
Christina Gaw, Managing Principal and Head of Capital Markets. “There is definitely
a growing demand from Asian institutional investors in safe commercial and
residential real estate purchases abroad,” she said.
In recent years, Gaw Capital Partners has been providing global direct
investment services to strategic Asian institutional investors. Notable
transactions include 333 Market Street in San Francisco in 2010, Three First
National Plaza in Chicago in 2011, Vintners’ Place in London in 2012, Cupertino
Gateway in Silicon Valley in 2013, the Lloyd’s Building
in London in 2013 and Waterside House in Paddington London in 2013. In
addition to leading the acquisition process (including due diligence), Gaw
Capital Partners also provides debt financing advising and asset management in
Gaw Capital Partners has raised equity in excess of US$3.567 billion since 2005 and currently commands assets of US$ 7.47 billion under management encompassing residential developments, retail centers, hotels and commercial properties.
In October, Gaw Capital Partners closed its fourth China real estate
fund Gateway Real Estate Fund IV, bringing total equity raised for this fund to its hard cap size of US$ 1.025 billion - Gaw Capital Partners’ largest fund ever. Gateway Fund IV will
employ an opportunistic investment strategy - targeting real estate assets that
have favorable risk-return profiles in
the Greater China and Asia Pacific region.