<article>Singapore-listed <a href="https://www.dealstreetasia.com/?s=City Developments Ltd (CDL)" target="_blank" rel="noopener">City Developments Ltd (CDL)</a> has bought the former Stock Exchange Tower in Central London for about $497.6 million (SGD687 million), per an announcement.</article>

Singapore-listed <a href="https://www.dealstreetasia.com/?s=City Developments Ltd (CDL)" target="_blank" rel="noopener">City Developments Ltd (CDL)</a> has bought the former Stock Exchange Tower in Central London for about $497.6 million (SGD687 million), per an announcement.
The Grade A office tower, which is located at 125 Old Broad Street, has reportedly been bought from US private equity group <a href="https://www.dealstreetasia.com/?s=Blackstone" target="_blank" rel="noopener">Blackstone</a>, which had acquired the building for £320 million in 2014.
The deal also marks CDL&#8217;s second acquisition of a commercial property in the city this year. In September 2018, CDL acquired Aldgate House, a prime freehold Grade A commercial building in London, for £183 million. The property has a net lettable area (NLA) of approximately 211,000 sq ft and is located in the heart of Aldgate.
&#8220;In line with our strategy to grow our recurring income significantly over the next 10 years, this is our second London commercial property acquisition in 2018. We have confidence in the long-term fundamentals of London as a global financial hub with a robust office market. The short-term uncertainties surrounding Brexit have presented us opportunities to acquire assets with deep value,&#8221; CDL Group chief investment officer Frank Khoo said.
&#8220;The tightening of London’s existing office stock and limited new supply will also drive rental growth into 2021. Given its excellent location in a diverse business district, 125 Old Broad Street will continue to attract a strong tenant mix from the finance, legal, insurance and technology/media/telecommunications sectors,&#8221; he added.
The 26-storey building is in proximity to the Bank of England and housed the headquarters, offices and trading floor for the London Stock Exchange until 2004. The office tower is home to tenants including law firm King &amp; Spalding, China International Capital Corporation and Cushman &amp; Wakefield.
Other recent notable deals in the commercial property space in the city include Goldman Sachs&#8217; sale of its new London headquarters, currently under construction, to Korea’s National Pension Service for £1.16 billion in August this year, and China&#8217;s acquisition of the Royal Mint court site in London from Delancey and the LRC Group in May this year.

The Grade A office tower, which is located at 125 Old Broad Street, has reportedly been bought from US private equity group Blackstone.

Singapore's CDL buys London's former Stock Exchange Tower for $497.6m

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Singapore's CDL buys London's former Stock Exchange Tower for $497.6m

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