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Financials

S.Korea pension fund makes $870 mln from HSBC's London HQ

SEOUL, Dec 15 (Reuters) - South Korea’s National Pension Service (NPS) sold HSBC’s London headquarters to Qatar Investment Authority, leaving some 960 billion won ($870.35 million) in profits, an NPS spokeswoman said on Monday.

NPS, the world’s fourth-biggest pension fund, earned around 419 billion won in dividends and 541 billion won from the sale and other profits, excluding purchase price.

NPS had bought the building in London’s Canary Wharf financial district in 2009 for around 772.5 million pounds.

The spokeswoman declined to comment on the exact deal amount, citing a confidentiality agreement with QIA.

NPS invested some 97.2 trillion won ($88.12 billion) in overseas assets as of October, including 22.8 trillion won in foreign alternative assets. It plans to expand overseas investments to bolster stable investment results and continuous returns, NPS said in a statement on Sunday. ($1 = 1,103.0000 won) (Reporting by Joyce Lee; Editing by Stephen Coates)

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