UK building and project consultancy Paragon has advised South African investors on 29 deals with a combined value of £190m in the past few years.
The consultancy has conducted landmark surveys for Oxygen Asset Management on behalf of its South African client, including the £400m acquisition of Riverbank House in the City of London in February 2018.
Paragon also advised Oxygen on its purchase of the Standard Chartered Bank for £210m in 2013 and London Fire Brigade’s headquarters in Southwark for £50m in 2011, both for the same South African client.
London has seen few large deals with South African investors in recent years, but Paragon has observed a significant uptick in inward investment from the country, driven by discounts on currency as the pound weakens.
Paragon’s joint managing director, John Munday, said the trend looks set to continue: “South African investors keep a relatively low profile in the UK, but we’ve worked on an impressive portfolio of assets for them over the years. They’re now looking much more open-mindedly at the whole UK market.
“There are always trophy asset hunters looking to make a mark in London, and that is an appealing approach for some. But we’re also seeing many South African investors being hungry for new opportunities and asset classes all across the UK and in every sector.”
Paragon has also represented First World Real Estate Fund which is distributed by Durban-based fund manager Marriott and Johannesburg-based Delta Property Fund.
The consultancy’s announcement came as it was revealed One Bartholomew Lane in City of London was under offer to a South African investor for around £110m.