Chinese property tycoon to snap up London Cheesegrater tower for $1.27b

The Leadenhall building, also known as the Cheesegrater. Photographer: Jason Alden/Bloomberg

An investment company of Chinese property magnate Cheung Chung Kiu is set to buy the London skyscraper nicknamed the Cheesegrater for about 1.02 billion pounds ($1.27 billion) from owners British Land Co. and Oxford Properties Group Inc., CoStar News reported, without saying where it got the information.

The deal would be the biggest single property purchase in the U.K. since 2014, CoStar reported late on Tuesday. Bloomberg reported earlier that Cheung’s Hong Kong-based property vehicle, C C Land, was in talks to buy British Land’s 50 percent stake in the tower. The Chinese company beat rival bidders Korea Investment Corp. and Temasek Holdings of Singapore to secure the deal, CoStar reported.

British Land and Toronto-based Oxford Properties are in advanced talks to sell the building, the U.K. real estate investment trust said in a statement Tuesday, without naming the buyer. It is not certain that these discussions will lead to the sale of the building, according to the statement. British Land’s shares rose as much as 1.7 percent to the highest in more than a month. The REIT declined to comment beyond the statement and Oxford Properties declined to comment. CC Land was not immediately available for comment.

The Leadenhall Building, as the property is formally known, has achieved record rents for its district of more than 100 pounds a square foot and is leased to tenants including Aon Plc. and Amlin Plc. British Land plans to use the money raised from the sale to finance the construction of an office building at the Broadgate complex, next to Liverpool Street railway station.

Chinese and Hong Kong investors spent 2.9 billion pounds — more than buyers from any other region — on central London offices in 2016, broker Knight Frank said in a Feb. 1 report. C C Land agreed last month to buy an office building in the U.K. capital for HK$2.9 billion ($373 million).

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Bloomberg

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.