Transactions - MARCH 8, 2016

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Hong Kong investor buys London office asset

by Andrea Waitrovich

Chinese Estates, a Hong Kong–based firm, has paid £121 million ($169.6 million) for the office building located at 14 St. George St. in London. The seller was Aberdeen Asset Management.

The 51,861-square-foot office property is fully leased to private bank Kleinwort Benson, which also sublets space in the building to other tenants, including Triafigura.

This is the second office building Chinese Estates has purchased in the London market, according to Real Capital Analytics. In 2011 the Hong Kong–based firm acquired the River Court office building for £280 million ($437.1 million) from Warren Private Clients.

In a separate deal, Chinese Estates is currently selling the Mass Mutual Tower in Hong Kong for $1.6 billion to Evergrande Real Estate Group.

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