Chinese investors have acquired the tallest building in the City of London’s business district that houses several insurance firms including industry giant
Aon.
According to a report by the BBC, The Leadenhall Building has been sold by owners British Land and Oxford Properties to CC Land, a company run by Chinese property magnate Cheung Chung-kiu.
“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,” Tim Roberts, head of offices and residential at British Land, was quoted as saying in the report.
“It’s a decision that has really paid off,” he added.
Also known as the “Cheesegrater” for its wedge-shaped form, the iconic building is one of the largest property deals in the UK made by a Chinese firm so far. It is also the latest to be acquired by foreign investors.
The 736-feet high tower was completed in 2014 and has achieved record rents for the City of London, the
BBC noted. Aside from Aon, other insurance firms that occupy the building include
MS Amlin,
Brit Insurance, Aegon, Fidelis and
FM Global.
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