Gaw Capital, Asian Partnership Invests in London

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Private equity firm Gaw Capital Partners has purchased London's Waterside House at Paddington in a partnership with three South Korean investors, in the latest example of Asian capital investments in the U.K. capital.   

The purchase, which includes 237,800 square feet of office space, is the fourth deal in London for Hong Kong-based Gaw Capital. 

"There is definitely a growing demand from Asian institutional investors in safe commercial and residential real estate purchases abroad," Christina Gaw, managing principal and head of capital markets at Gaw Capital, told Reuters. 

Earlier this year Dalian Wanda Group purchased a stake in a £700 million hotel and residential project. In July insurer Ping An purchased the Grade-1 listed Lloyd's of London tower from Commerz Real AG for £260 million ($385 million).

The purchase price for Waterside House was not announced by the firm. However, Reuters reports it is approximately $321 million. The seller was D2 private, an Irish property investment company.  

The building was designed by architect Richard Rogers, who also designed the Lloyd's of London tower. The Paddington area is being redeveloped to include a rail line to cross London, as well as new hotels and retail properties.  

Gaw has $7.1 billion in assets under management. Last month the firm announced it has raised a $1.025 billion real estate fund for investment in China, Reuters reports.