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Hong Kong PE firm under offer to buy London office asset for £133M

Hong Kong-based private equity firm Joint Treasure is said to be under offer to buy the 3 St. James' Square office building in London from the West End of London Property Unit Trust, or WELPUT, for around the £133 million asking price, Property Week reported.

The bid represents a yield of less than 4%.

WELPUT acquired the asset in 2012 from Aberdeen Asset Management Plc for £66 million and has since completed a major refurbishment. The company has re-let the property to hedge funds and family offices, among other tenants, at higher rents than the £57.82 per square foot received from tenant Winchester House Property Co. at the time of the acquisition, the report noted.

WELPUT recently said the "best space" in the building has generated rents of as much as £160 per square foot, according to the report.