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Report: Korean group plans £250M sale of Marks & Spencer global HQ in UK

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Report: Korean group plans £250M sale of Marks & Spencer global HQ in UK

The consortium led by Korean Federation of Community Credit Cooperatives, or KFCC, is poised to sell the Marks & Spencer Group PLC-occupied 13-story building in Paddington, U.K., for about £250 million, CoStar U.K. reported.

The media outlet said Savills, Eastdil Secured and CBRE pitched to broker the Waterside property. The price will result in a roughly 4.5% net initial yield.

The multinational retailer pre-let the 260,000-square-foot office block as its global headquarters in June 2003 from developer Chelsfield under a 20-year agreement.

In 2013, KFCC pooled in about half the equity to buy the property from D2 Private for £198.3 million, alongside Hyundai Fire & Marine Insurance that added in the second largest amount of equity, and two minority stakes, according to the March 28 report. KFCC and Hyundai were reported to be mulling over expanding the property, which only uses 49% of the site's entire land.