Chinese investors buy Cheesegrater for more than £1bn

Thu, 02 Mar 2017 | COMMERCIAL PROPERTY

The Cheesegrater, one of the tallest buildings in London, has been sold for £1.15 billion to Chinese investors, it has been confirmed.

British Land and Oxford Properties, which both own 50 per cent of the distinctive wedge-shaped building, formerly called the Leadenhall Building, said they had exchanged contracts with CC Land.

Earlier this week British Land said “advanced discussions” were taking place regarding the possible sale of the building.

The deal is one of the largest acquisition of UK real estate by a Chinese firm.

The Cheesegrater, which was formally opened in late 2015, is fully let and has achieved record rents for the City of London of more than £100 per sq ft. Current tenants include the insurers Aon and MS Amlin.

Tim Roberts, head of offices and residential at British Land, said: “British Land and Oxford Properties took a bold step at the early stages of the UK’s economic recovery to develop the Leadenhall Building to generate a high quality, long term income stream. It’s a decision which has really paid off.

“Through a strong, collaborative partnership, we have delivered an iconic, award-winning building let to high calibre occupiers at record City rents. This sale shows continued investor appetite for best-in-class, well located property in London.”

CC Land is run by Chinese billionaire property tycoon Cheung Chung-Kiu. In January this year CC Land acquired Vodafone’s Paddington HQ in a deal worth nearly £300 million.

The Cheesegrater deal is subject to approval by CC Land shareholders.


Share this article



Latest Businesses for Sale

Fintech Company: Comparison of Trading Platforms for Traders
UK Wide

Extensively developed platform, generating a consistent stream of revenue from affiliate agreement commissions and contracted advertising packages. The company compares trading platforms operating in forex, stocks, crypto and commodities. Fully reloc...

Asking Price: Offers Invited
Turnover: £666,305

RELOCATABLE


Electrical Product Specialists
Hampshire, UK Wide

A great opportunity to take on a respectable electrical control panel manufacturer in Hampshire is now available to the market. High end technology. Registered ECA member. Commercial client base. Skilled team of staff. Excellent reputation. Offers in...

Asking Price: £900,000
Turnover: £578,207

LEASEHOLD


Coach Transport, Services, MOT & Repair (Fast Sale)
London, UK

Offers required by August 26th, 2020 - 6:00pm. Established in 1971, this North London based coach company operates a fleet of 14 executive/luxury coaches (7 of which are unencumbered) with seating for up to 70 passengers, and 1 wheelchair accessible...

Asking Price: Offers Invited
Turnover: £1,100,000


View more businesses for sale

News Search

Latest News

 
07
 
Aug
 

Wrexham-based wire firm falls into administration | ADMINISTRATION

Wire manufacturer Wrexham Wire has fallen into administratio...

 
06
 
Aug
 

Leading UK tour operator Ski Weekends enters administration | ADMINISTRATION

One of the UK’s leading ski tour operators Harris Holi...

 
05
 
Aug
 

Pizza Express puts itself up for sale and looks to close 67 outlets | BUSINESS SALE

Pizza Express has announced that it is seeking a buyer for i...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
07
 
Aug
 

Wrexham-based wire firm falls into administration | ADMINISTRATION

Wire manufacturer Wrexham Wire has fallen into administratio...

 
06
 
Aug
 

Leading UK tour operator Ski Weekends enters administration | ADMINISTRATION

One of the UK’s leading ski tour operators Harris Holi...

 
05
 
Aug
 

Pizza Express puts itself up for sale and looks to close 67 outlets | BUSINESS SALE

Pizza Express has announced that it is seeking a buyer for i...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources