A Korean pension fund has completed its £165m debut into the UK investment market with the purchase of an office in the City of London.

CBRE Global Investors, acting on behalf of the Korean Public Officials Benefit Association (POBA), has bought Thames Court on the banks of the Thames from Apollo Real Estate, as revealed by Property Week.

The building, on Queenhithe to the south of Upper Thames Street, comprises 227,765 sq ft of offices and retail. It has been bought at a net initial yield of around 5.7%.

The offices are let to Dutch bank  Cooperatieve Centrale Raiffeisen Boerenleenbank and Royal Bank of Canada. The retail unit is let to Etsu Cafe.

CBRE Global investors won the mandate to invest £170m on behalf of POBA in June last year.

Gary Moore, head of international separate accounts at CBRE Global Investors, said: “The investment criteria were good quality buildings in the City core, both single and multi-let with strong long term income.

“Thames Court falls within these parameters and satisfies their distribution income requirement.” 

CBRE Global Investors was advised by Savills and GM Real Estate acted for Apollo Real Estate.