Chinese Firm Snaps Up London Landmark

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In what could be the largest-ever transaction in the United Kingdom for a stand-alone office building, the tower known as the «Walkie Talkie» is about to change hands. 

LKK Health Products Group (LKK) announced it has entered into a sale and purchase agreement with Land Securities Group and Canary Wharf Group to acquire the 100 percent interest in the landmark commercial building at 20 Fenchurch Street, London, known as the «Walkie Talkie.»

The total consideration of 1.28 billion pounds sterling is the largest-ever transaction in the U.K. for a stand-alone office building.

For LKK the deal to buy the landmark building is its first outside of Hong Kong and China.

Asian Buyers Love London

LKK Health Products Group is a Hong Kong based corporation established by the Lee Kum Kee Family in 1992. The Group operates diversified businesses in Chinese herbal health products, property investment, Chinese herbs plantation and trading, and venture capital for startups.

Earlier this year finews.asia reported that Hong Kong-based investor CC Land, bought the City of London’s tallest office tower,  the «Cheesegrater» – what is it with these names – for more than a billion pounds.

Brexit Equals Opportunity

Advised by Credit Suisse Asset Management’s global real estate division, Shenzen and Hong Kong based Cheung Kei Group also acquired a prime commercial property in London’s Canary Wharf finance district this month.

The South China Morning Post meanwhile documented this week that buyers from China and Hong Kong have shown a particular interest in London’s top end homes since the Brexit referendum.

Finews Asia

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