Hong Kong-based Chinese Estates has bought the 80,000 sqft building at 11/12 St James’s Square from the Employees Provident Fund (EPF) for a reported £175 million. CBRE Group which advised Chinese Estates said the EPF sold at a net initial yield of 4.45%.
The EPF is also reported to have recently sold another property in Australia in which it had an 80% share. South Korea’s Mirae Asset Financial bought the office complex at 50 Marcus Clarke Street in Canberra, Australia, for A$321 million.
In August 2015, it was reported that the EPF had invested more than £1 billion in properties in the UK and more than 1 billion euros in France and Germany since 2008.
