London Office Deals Left Hanging due to Korean Exit
Some of London’s biggest office deals have been left in limbo after the latest wave of Asian money into the British capital suddenly dried up.
South Korean investors plowed 3.2 billion pounds ($4.1 billion) into the city’s commercial property market in the year through January, a record for the nation. The sudden withdrawal of support back in South Korea by investors, who were expected to buy stakes in the London properties, has threatened deals and stuck some Korean firms with properties they can’t offload.
More than a dozen asset managers, investors and brokers described in interviews the retreat of South Korean investors from London real estate deals and the impact on the market.