Transactions - MARCH 1, 2017

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Hong Kong investor purchases London’s Cheesegrater for £1.2b

by Andrea Waitrovich

British Land and Oxford Properties, the global real estate arm of the Ontario Municipal Employees Retirement System, have agreed to sell The Leadenhall Building in London to Hong Kong–listed group CC Land for £1.15 billion ($1.42 billion).

The Leadenhall Building, also known as The Cheesegrater owing to its shape, is the tallest building in the City of London, totaling more than 900,000 square feet of office space, spanning more than 46 floors. British Land and Oxford Properties developed and own The Leadenhall Building as an investment in a 50-50 joint venture formed in 2010. Construction of The Leadenhall Building started in early 2011 and completed in summer 2014. The building is fully leased, with an average remaining lease term of more than 10 years.

The transaction would have the second-highest sales price for a single building in the United Kingdom. In 2014, the HSBC Tower in London’s Canary Wharf sold for more than £1.18 billion.

It is also is CC L

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