<article>The London headquarters of Swiss bank UBS now has a new owner.</article>

The London headquarters of Swiss bank UBS now has a new owner.
A wholly-owned indirect subsidiary of Hong Kong-focused property developer <a href="https://www.dealstreetasia.com/?s=CK%20Asset Holdings">CK Asset Holdings Limited</a> has acquired the three-year-old <a href="https://www.dealstreetasia.com/?s=UBS">UBS</a> headquarters for £1 billion ($1.3 billion).
<a href="https://www.dealstreetasia.com/?s=British%20Land">British Land</a> and Singaporean sovereign fund <a href="https://www.dealstreetasia.com/?s=GIC">GIC</a>, which jointly own the property, sold the 700,000 square foot, 13-storey high 5 Broadgate building, which was completed in 2015, to a unit of Li Ka-shing&#8217;s CK Asset, according to a statement released by British Land.
British Land acquired the site, where the building now stands, back in 2012. The building, which was completed in 2015, generated a total property return of 18 per cent annually, according to the developer.
The building was designed specifically for UBS, with the Swiss bank moving 5,700 London staff there in 2016 from various offices it had leased in London.
Gerald Ma, Member of Executive Committee of CK Asset Holdings, described 5 Broadgate as “a great quality asset with a high-quality tenant”. UBS is committed to the building until 2035.
British Land said it is currently on site with 1 million square feet of developments across the Broadgate campus. A significant amount of the space being developed will be retail and leisure.
The British developer said the 5 Broadgate deal reflects its consistent strategy of realizing value from “completed and well-let properties”.
CK Asset Holdings is the flagship of the CK Hutchison Group, the leading Hong Kong-based multinational conglomerate.
As one of the largest property developers in Hong Kong, CK Asset has a leading market share in Hong Kong, an extensive portfolio in Mainland China, and a significant presence in Singapore and the United Kingdom.
The group has diverse capabilities with activities encompassing property development and investment, hotel and serviced suite operation, property and project management, investment in infrastructure and utility assets that are household equipment services related, and aircraft leasing.
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A wholly-owned indirect subsidiary of Hong Kong-focused property developer CK Asset Holdings Limited has acquired the three-year-old UBS headquarters for £1 billion ($1.3 billion).

HK’s CK Asset unit buys UBS London HQ from GIC, British Land for $1.3b

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HK’s CK Asset unit buys UBS London HQ from GIC, British Land for $1.3b

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