Samsung Life Insurance to sell London building – report

Potential deal would follow other London property sales of foreign insurers earlier this year

Samsung Life Insurance to sell London building – report

Insurance News

By Louie Bacani

The insurance arm of global tech powerhouse Samsung has offered to sell an office building in London that it previously purchased, according to a report in the South Korean press.
Samsung Life Insurance has reportedly embarked on the process of selling 30 Gresham Street, a London office complex that it bought with Deutsche Asset Management in June 2013 for US$497.2 million (about £398 million).
Potential buyers of the property are supposedly from Europe or China, reports Maeil Business News Korea.

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Samsung Life may not have a hard time looking for a buyer due to the revival in London’s commercial property market, the Korean business paper noted.
According to the report, Hanwha Life Insurance Co. and Hanwha General Insurance Co were able to sell One Wood Street building in London earlier this month for nearly £203 million.

The report added that in January, Samsung SRA Asset Management also sold 30 Crown Place on behalf of insurance firms Samsung Life Insurance, Samsung Fire & Marine Insurance, Kyobo Life Insurance, Hyundai Marine & Fire Insurance and Shinhan Life Insurance.

Related stories:
Samsung Life Insurance to invest US$500mn in infrastructure debt
Chinese firm buys London tower home to several insurers

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