Link Asset Management Limited has agreed to buy The Cabot at London’s Canary Wharf from Hines for £380 million, its first acquisition in the UK. The transaction is expected to complete on 25 August 2020. Following completion, Link will engage Patrizia UK Limited to provide asset management services for The Cabot.
Link’s Chief Executive Officer, George Hongchoy, said: “This acquisition is part of our Vision 2025 growth strategy to diversify and improve portfolio mix, enhancing our ability to deliver sustainable returns for unitholders. A diversified portfolio can strengthen our portfolio resilience, allowing us to benefit from the varied economic cycles of different markets. Going beyond our home Hong Kong and Mainland China, we’re looking at opportunities in the UK, Singapore, Australia and Japan – transparent and liquid markets with sound legal frameworks and strong economic fundamentals.”
Martin Lay, Head of City Investment at Cushman & Wakefield, who advised Hines, said: “The sale of 25 Cabot Square is the largest deal to have taken place in London this year and demonstrates the green shoots of activity we are seeing in the office market following the COVID-19 lockdown. This landmark deal confirms the enduring appeal of London office assets and the UK as a key destination for overseas investment.”
