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.


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