Hong Kong investor to buy London office building for £75m
Hong Kong developer Nan Fung Group is in contract to purchase the Cheapside House in London from two institutional investors for £75 million ($109 million). The sellers were the Canada Pension Plan Investment Board and Hermes Management, on behalf of the BT Pension Scheme.
The 62,500-square-foot office building is 100 percent occupied. Major tenants include Barnett Waddingham, Japan Petroleum Exploration, Xodus Group and GFT.
This is not Nan Fung’s first investment in London. The foreign investor acquired the Withers Law headquarters in 2015 for £77 million ($118.9 million) from First Names Group.
The London market has become a safe haven for Chinese capital. China-based investors purchased eight London assets in 2015 for a total investment of more than $1.9 billion, according to Real Capital Analytics’ “Cross-Border Capital Tracker.” Six of the properties were office assets. Year-to-date four London office building