South Korean backers splash out £100m for Microsoft HQ
Microsoft’s vast HQ campus in Reading has been snapped up by a London-based real estate investor and a Korean asset manager for £100m today.
Valesco Group and Seoul-headquartered AIP Asset Management have bought the tech firm’s 245,000 square foot park in the run-up to the arrival of Crossrail’s Elizabeth line, which is set to strengthen areas like Reading that will have quicker access into Central London.
The commercial property, which is the latest of many to be backed by a consortium of South Korean institutional investors this year, was bought off of special servicer Solutus and FI Real Estate Management.
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Shiraz Jiwa, chief executive of The Valesco Group, said: “This acquisition demonstrates our ability to unlock a complex holding structure by acting quickly and having the capital available to deploy. By doing this, we have secured a prime, sought after asset in a strategically important location, which is generating high quality income backed by an exceptional covenant. We are very pleased to be adding Microsoft our portfolio of blue-chip tenants. The real estate fundamentals underpinning Reading are increasingly compelling and its entrepreneurial talent pool is very attractive to multinational occupiers.”
Jiwa added: “This transaction continues our commitment to the UK market where, in addition to mainland Europe, we see strong potential to further deploy capital to deliver value for our investors.”