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Cheung Kei Group has acquired 5 Churchill Place in Canary Wharf from Said Holdings for £270 million ($360 million).
“5 Churchill Place is a well-positioned asset in the heart of the Canary Wharf area, which will benefit from the opening of Crossrail in 2018,” said Ross Davies, partner at Capital Real Estate Partners. “The sale price reflects a value per square foot of £846 ($1,138) and a net initial yield of around 5.2 percent.”
5 Churchill Place comprises 319,000 square feet spanning up 12 floors. Tenants include JP Morgan, Time Inc, American Express, Balfour Beatty and Cision Gorkana.
The sale follows the £1.15 billion ($1.55 billion) purchase of the Leadenhall building by CC Land Holdings and LKK Health Products’ £1.28 billion ($1.72 billion) acquisition of 20 Fenchurch Street.
The London office market has a long track record of attracting capital from all over the world. Foreign investors currently account for about 75 percent of central
