Hong Kong investor buys London office for £292m
CC Land Holdings, a Hong Kong–based investor, has paid £292 million ($360 million) for London One Paddington, an office building in London, to mark its first overseas investment. The acquisition is part of CC Land Holdings goal to diversify its investment portfolio into key gateway international cities such as London.
The seller was Cityhold Office Partnership, a joint venture between TH Real Estate and two of Sweden’s national pension funds, AP1 and AP2. Cityhold Office Partnership has approximately £700 million ($884.8 million) invested in properties in London. In total, its portfolio is worth around €2 billion ($2.15 billion).
London One Paddington was the first building bought by Cityhold Office Partnership in 2011 for approximately £230 million ($290.72 million).The property is a nine-story class A office totaling 265,000 square feet, is located at 1 Kingdom St. in the city’s West End. The building comes with two basement levels. Tenants include Vodafon