Wing Tai Properties Limited and Manhattan Garments Holdings Limited entered into an agreement to acquire an office building at 30 Gresham Street in London from Samsung Life Insurance Co., Ltd. for approximately £410 million.

Wing Tai Properties Limited (SEHK:369) and Manhattan Garments Holdings Limited entered into an agreement to acquire an office building at 30 Gresham Street in London from Samsung Life Insurance Co., Ltd. (KOSE:A032830) for approximately £410 million on November 22, 2018. The consideration includes amount owed by the 30 Gresham Street to Samsung Life Insurance Co., Ltd. of £200 million. DBS Bank Ltd  provided loan facility to fund the transaction.

Capital contribution of £230 million payable by the Wing Tai was funded by the Group's internal resources and/or borrowing. For the year ended December 31, 2018, the property had revenue of £17.8 million, net profit after tax of £2.2 million, net profit before tax of £2.2 million, total assets of £332.6 million, net assets of £119.7 million and total liabilities of £213 million. CBRE and Knight Frank acted as real estate brokers in the transaction.

Deloitte Touche Tohmatsu and Deloitte & Touche LLP acted as accountant for Wing Tai Properties Limited. Mark Payne, Rob Donell, Sykes and Stephanie Ofili, David Saleh and Ed Page of Clifford Chance acted as legal advisors for Samsung Life. Chris Harvey, Robert Patterson, Sam Harrison, Tim Collier, Erin Brayshaw, Sam Webster, Katie Bunce, Samuel Bold, Ben Fryer, Kitty Swanson and Tim Baines of Mayer Brown acted as legal advisors for Wing Tai Properties Limited and Manhattan Garments Holdings Limited.

James Irvine, Simon Masri, Safa Choudhury of Dentons acted as legal advisors for Hong Kong branch of DBS Bank Ltd.