GIC sells London office for £1b

The London headquarters for multinational investment bank UBS has been bought for £1 billion ($1.33 billion) by Hong Kong–based CK Asset Holdings.

The sellers of 5 Broadgate were British Land and Singaporean sovereign wealth fund GIC.

5 Broadgate, also known as the “groundscraper,” was designed by architectural practice Make and is a distinctive building that covers 32 acres, with more than 700,000 square feet net internal area and capacity for 5,000 people across its 12 floors. It is rated Excellent by BREEAM and carbon emissions are 65 percent lower than the previous two buildings on the site. UBS is committed to the building until 2035.

The billion-dollar sale follows acquisitions of both the “Walkie-Talkie” and “Cheese Grater” to Chinese investors in 2017.