Chinese developer acquires London office for £97m
Beijing Capital Development Holdings, one of the largest state-owned real estate developers in China, has acquired an office property in the City of London for £96.5 million ($120 million).
The seller of the 91,955-square-foot 2 Fleet Place House was the Grosvenor London Office Fund, which acquired the asset in July 2013 from German family trust AM Alpha for £68 million ($85 million).
The multi-tenant property comprises office space and two shops at street level and is leased to tenants including Samsung and BT.
The transaction is one of several in London made by Beijing Capital Development Holdings. In December, the firm made its second acquisition in the United Kingdom with the £210 million ($262million) purchase of 30 Crown Place from South Korea’s Samsung Asset Management. It is the headquarters of law firm Pinsent Masons.
The foreign investor made its entry into the U.K. market in October 2016. It purchased the Friary Court from German closed-en