Hong Kong’s Gaw Capital buys Marks & Spencer HQ building

Hong Kong-based private equity real estate firm Gaw Capital Partners  and three South Korean institutional investors have jointly acquired the headquarters of retailer Marks & Spencer Group Plc, for reportedly $321 million.

It is the fourth acquisition in London by Gaw Capital and the three South Korean institutional investors this year.

Gaw Capital did not disclose the financial terms of the deal, but Reuters reported that the deal was sealed at $321 million.

Gaw Capital had teamed up with the Korean Federation of Community Credit Cooperatives, Suhyup Bank and Hyundai Securities, to buy Waterside House at Paddington in London, the global headquarters of Marks & Spencer from D2 Private, a Irish property investment and development company.

Dublin-based D2 Private had bought the 237,801 sq ft  Waterside House in 2005 for about €170 million from property developer Chelsfield.

Goodwin Gaw , chairman and managing principal at Gaw Capital, 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, Gaw Capital acquired Allen House, a prime residential building located in Kensingtonm, Vintners' Place in London and the Lloyd's Building in London.