'Cheesegrater' building sold to Chinese investors for £1.15bn
- 1 March 2017
Cheung Chung Kiu
| < Previous: Cha Yong-Keu |
 ImagineChina |
Fortune: self made
Source: diversified
Net Worth: $1.4 bil
Country Of Citizenship: China
Residence: Hong Kong , Hong Kong, Asia & Australia
Industry: Real Estate
Marital Status: NA,
Education: NA
[Chongqing native, a real estate developer. Chairs 3 Hong Kong-listed companies: C C CK Land, Y.T. Realty and Yugang International, a manufacturer of packaging materials. ]
British Land and Oxford Properties, which both own 50% of the wedge shaped skyscraper, say contracts have been exchanged with CC Land.
This is a company run by the Chinese property magnate Cheung Chung-Kiu, who holds just over half its shares.
The bid for the 225m high skyscraper exceeds the most recent valuation of £915m in September 2016.
Officially called The Leadenhall Building, the tower was completed in 2014 and has achieved record rents for the City of London.
With 46-floors, it is the tallest building in the City of London business district.
The iconic building is the latest to be acquired by Chinese shoppers and is one of the largest UK property deals so far by a Chinese investor.
CC Land bought Vodafone's Paddington Headquarters for £290m in January.
"British Land and Oxford Properties took a bold step at the early stages of the UK's economic recovery to develop The Leadenhall Building to generate a high-quality, long-term income stream," said Tim Roberts, the head of offices and residential at British Land.
"It's a decision that has really paid off."
The Cheesegrater deal is still subject to approval by CC Land shareholders but Mr Cheung Chung-Kiu holds approximately 50.4% of the company's shares through sole ownership of two major stakeholders, Fame Seeker Holdings and Thrivetrade.
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