Gaw’s Downtown Properties makes first UK purchase

The Los Angeles-based associate company of Gaw Capital Partners has bought Vinters’ Place in London on behalf of a South Korean consortium for £150m.

Downtown Properties, a real estate investment firm run by Gaw Capital Partners’ founder Goodwin Gaw, has made its first asset acquisition in the UK.

According to a statement issued Tuesday, the Los-Angeles based associate company of the Hong Kong real estate fund manager has led a South Korean consortium in its acquisition of Vintners’ Place, a 277,300 square-foot class A office building in the City of London. Various media reports list the closing price at £150 million (€187 million, $244 million).

The property, located at 68 Upper Thames Street, comprises Vintners’ Place and Thames House. Tenants include financial services firm Jefferies International and global media giant Thomson Reuters.

Downtown Properties acted as both co-investor and advisor for the acquisition. The South Korean consortium included Korea Federation of Community Credit Cooperatives and The Korean Teachers’ Credit Union, with Hyundai Asset Management acting as asset manager. 

The acquisition of Vintners’ Place is the third property transactions completed by Downtown Properties and the South Korean consortium in recent years and their first one in the UK market. The two other acquisitions by Downtown Properties and the South Korean consortium were 333 Market Street at San Francisco in 2010 and First National Plaza at Chicago in 2011.

Gaw said in a statement: “We have always viewed London, New York and Hong Kong as the three global gateway cities where international capital flows, where assets trade at a liquidity premium.” 

Gaw formed Downtown Properties in 1991. He then co-founded Gaw Capital with his brother Kenneth Gaw in 2005. Downtown’s US portfolio comprises more than 4 million square feet of office buildings, hotels with more than 1,000 rooms, two 18-hole championship golf courses, a ski resort and three residential redevelopment projects.