Another one bites the dust
Brexit may be an issue for those concerned about the long-term health and wealth of central London offices but it is not stopping the trophy deals. UK-REIT British Land and Oxford Properties recently sold The Leadenhall Building in the City of London to Hong Kong–based C C Land Holdings for £1.15 billion (€1.34 billion). The 46-storey, 56,390-square-metre office tower, commonly known as the Cheesegrater, was valued on 30 September 2016 at £915 million (€1.1 billion). Various other landmark properties in London are also reported to be at advanced stages of sale negotiations, indicating that Brexit is not (yet) having the dampening effect on international investor sentiment initially expected.
This article appears in the May issue of Institutional Real Estate Europe. For more information on this magazine or to sign up for a trial subscription, click here.