LONDON — The “cheesegrater,” London’s tallest building, has been sold to a Chinese property tycoon for £1.15 billion ($US1.41 billion).
Property developer British Land and Oxford Properties, a Canadian pension fund, sold the 225-metre skyscraper to C C Land, a Hong-Kong listed company run by billionaire developer Cheung Chung-kiu.
British Land and Oxford Properties both owned 50% of the property, which was built between 2011 and 2014 and is officially called the Leadenhall Building.
The deal is reportedly the biggest single UK property purchase since 2014, when the Qatari sovereign wealth fund bought London’s HSBC tower for £1.18bn ($US1.45 billion).
Tim Roberts, head of offices and residential at British Land, said in a statement: “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.”
“It’s a decision which has really paid off. This sale shows continued investor appetite for best in class, well-located property in London,” he said.
Contracts have been exchanged, but completion of the sale still needs to be approved by the shareholders of C C Land.