Privately owned property developer and manager Ocubis Ltd. disposed of the Cannon Green building in the City of London to South Korea's KiwoomAM for a sum of £120 million, Property Week reported.

The 110,142-square-foot tower is 100% occupied by tenants who pay £6.4 million in rent annually.

A representative from the Asian buyer told the publication that the acquisition marks the start of the establishment of its real estate portfolio in the U.K. and the broadening of its asset base in Europe.

Ocubis was represented by Savills, while KiwoomAM was advised by Colliers International, according to the Dec. 12 report.