Asian firms are ignoring Brexit and driving a property investment boom in London

The exterior of the newly constructed skyscraper, The Leadenhall Building, on September 15, 2014 in London, England. The skyscraper, located in the City of London, has been dubbed the 'Cheesegrater' for its distinctive shape. The building stands at 224 meters high and was designed by 'Rogers Stirk Harbour + Partners'.Oli Scarff/Getty ImagesThe Leadenhall Building, or ‘Cheesegrater,’ which was sold earlier this year.

Asia Pacific investment in London property is at a five-year high and accounted for almost half the deals in the first six months of 2017, according to research by real estate consultancy Cushman & Wakefield.

Asia Pacific firms spent more than $US4.4 billion (£3.42 billion) on residential and commercial property in London in the six months to July, almost half of the $US8.8 billion (£6.83 billion) total investment.

Investment from Europe came in second, despite the Brexit vote and aided by a weak sterling, with Germany spending the most of any European country on London property.

Compared to the same period last year, which saw deals totalling $US7.45 billion (£5.78 billion), investment is up 18.5%.

Earlier this year Hong Kong property firm CC Land Holdings bought London’s Leadenhall Bulding, or ‘Cheesegrater’, for £1.15 billion ($US1.48 billion), the second biggest London property deal ever.

The Qatari government is one of the biggest landlords in London according to property investment researchers Datscha, since it is a co-owner of Canary Wharf Group estate, which owns the most property in London by square footage. Transport for London is the third biggest London landlord by square footage, with the Queen seventh.

Transport for London is the third biggest London landlord by square footage, with the Queen seventh.

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