The KanAm Grund Group has purchased for an 8-floor office building in London, known as the Princes Court. Located around 400 meters from the London City Wall, the property is let to tenants from the international banking and finance sector, such as Bank of China, Korean Kookmin Bank Turkey's largest bank Turkiye Is Bankasi AS and both American and British investment and stock exchange companies like Sun Trading International, Hudson River Trading Europe and SVS Securities. The asset was extensively refurbished in 1996. It has been agreed to keep the sales price confidential.
The vicinity of the building is home to major tenants including ING, BlackRock, Deutsche Bank and Commerzbank. With approximately 4.3 million employees and accounting for 37% of the global foreign exchange market, the City of London remains one of the world's leading centres of the global banking and insurance trade. Turnover from tenancies in the City of London in the third quarter of 2018 rose by about 18% over the 10-year average. Demand for space to let is mostly driven by financial and insurance institutions, which generated approximately 20% of the area turnover. Even after the Brexit vote, the market for office space is highly resilient and in 2017 was 27% above the 10-year-average.
