National pension fund to purchase 2 London buildings

SEOUL, Nov. 5 (Yonhap) -- South Korea's national pension fund said Thursday it is
set to buy two office buildings in central London as part of a plan to increase
investments in overseas properties.
The National Pension Service (NPS), which manages around 270 trillion won (US$229
billion), will purchase a 50-percent share in a six-story commercial building at
40 Grosvenor Place for 170 billion won, the fund said. It will also pay 180
billion won to acquire a 17-story office tower at 88 Wood Street, the NPS said.
"The properties are expected to generate stable returns over a long haul," the
fund noted.
The pension fund plans to expand direct investments in prominent properties in
major global cities which are currently seeing corrections in prices, the NPS
said. In July, the fund also bought a commercial building in Japan for 460
billion won in a joint deal, it said.
pbr@yna.co.kr
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