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

Natural Stone Supply Company: Sourcing/Processing/Distribution
Aberdeenshire, Scotland, UK

This company specialises in supplying the highest quality natural stone products, offering a complete turnkey solution to its customers from sourcing, through to processing, design and final distribution and delivery. Offers invited.

Asking Price: £1,050,000
Turnover: £1,100,000

RELOCATABLE


Precision Engineering Business
North West, UK

Precision Engineering Business for sale operating with a modern, well equipped machine shop, offering Engineering Development Modelling (EDM), CNC turning & milling, grinding, boring and fitting. Offers invited.

Asking Price: Offers Invited
Turnover: £400,000

LEASEHOLD


Accountancy Business
UK Wide

High quality practice with strong middle management on the market for the first time. Established: 25 to 30 years. Strong middle-tier management to support acquirer throughout the transition period and on an ongoing basis. Locations: Cheshire, Mersey...

Asking Price: £1,300,000
Turnover: £1,300,000


View more businesses for sale

News Search

Latest News

 
19
 
Sep
 

Smith & Williamson and Tilney to merge | MERGER

After revealing in August this year that talks were in place...

 
18
 
Sep
 

Infrastructure investment manager takes stake in LJLA | BUSINESS SALE

Infrastructure investment management group, Ancala Partners,...

 
17
 
Sep
 

Impact REIT snaps up Suffolk-based Cardinal Healthcare business | BUSINESS SALE

Impact REIT has successfully acquired Cardinal Healthcare, a...

Free guide: 10 Biggest Buyer Mistakes

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

Email


Related News

 
19
 
Sep
 

Smith & Williamson and Tilney to merge | MERGER

After revealing in August this year that talks were in place...

 
18
 
Sep
 

Infrastructure investment manager takes stake in LJLA | BUSINESS SALE

Infrastructure investment management group, Ancala Partners,...

 
17
 
Sep
 

Impact REIT snaps up Suffolk-based Cardinal Healthcare business | BUSINESS SALE

Impact REIT has successfully acquired Cardinal Healthcare, a...

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