London's Walkie Talkie building sold for $1.7 bln

Paterniano Del Favero
Luglio 27, 2017

British property group Land Securities, which owned 50% of the building, said it had exchanged contracts with LKK Health Products Group Limited - a division of the broader Lee Kum Kee Group - which would also buy the remaining 50 % stake controlled by Canary Wharf Group.

However, the fully let building covering 34 floors in the City's insurance district makes it an attractive investment proposition.

One of London's most recognizable buildings has been bought by a Hong Kong-based company in the U.K.'s largest office deal, highlighting the continuing appeal of the city's real-estate market to Asian investors.

The iconic 34-storey skyscraper in London's insurance district, with three-tiered sky garden and restaurant on top, hit the headlines just after being built when it was blamed for damaging a vehicle by reflecting the sun's rays.

James Beckham, of Cushman & Wakefield which advised on the deal, said: "Since the vote to leave the European Union, capital targeting London from the Asia-Pacific region has increased to record levels".

"This is partly due to currency fluctuations but is more indicated of longer-term confidence in London and investment strategies which are not derailed by short-term political uncertainty", he said.

This was the third biggest property deal in London's history.

London's landmark "Walkie-Talkie" skyscraper has been sold for £1.3 billion (€1.5 billion) to Hong Kong investors in a record-breaking transaction for a single building in the UK.

Canary Wharf Group had been marketing its share of the 20 Fenchurch Street, of which it had syndicated shares to Morgan Stanley, the Qatar Investment Authority and China Investment Corporation.

In fourth place is 8 Canada Square, sold for £1billion in April 2007, while Citigroup Tower came fifth - sold for £1billion in May 2013. Hong Kong real estate developer C C Land Holdings paid £1.15 billion for the Cheesegrater tower in May.

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