UPDATED: China Life to buy London office property for $1.3b
Funds controlled by China-based life insurer China Life have acquired a 70 percent interest in Clifford Chance's headquarters at 10 Upper Bank St., London, in a £795 million ($1.35 billion) deal. Qatar Holding, an investment house established in 2006 by the Qatar Investment Authority, owns 20 percent of the building while Canary Wharf Group bought the remaining 10 percent.
The 1 million-square-foot, 32-story office property is located in Canary Wharf, in the Docklands area of London. It was built in 2003. The majority of the building is occupied by law firm Clifford Chance, and serves as its world headquarters. Other tenants include the FTSE Group, MasterCard, KPMG, LOCOG, Total S.A. and Infosys.
The deal continues the move of Asia Pacific companies investing in the London property market. A year ago, another Chinese insurance company purchased