China/HK Developer Completes Acquisition of London Landmark Building

China's C C Land Holdings said today it had completed of the acquisition of 100% ownership of the Leadenhall Building in London, the United Kingdom, for a total of 1.15 billion British pounds from British Land and Oxford Properties.

The consideration of 1.15 billion pounds is in line with the valuation performed by an Independent Property Valuer of The Leadenhall Building as at 31 March 2017. The shareholder approval for the transaction was obtained at a special general meeting of the company’s shareholders on 18 May 2017.

The central-China based developer reported net loss before tax of HKD358million in 2016, from profit before tax of HKD3.3 billion in 2015.

The Leadenhall Building is an iconic and award-winning building situated in the prime financial and insurance districts of London. Completed in 2014, the office tower will be held by the company as an investment property for long term capital growth, the central-China based developer said.

The developer said the acquisition marks the company’s second overseas investment, following the purchase of One Kingdom Street in January 2017, an office building in the West End of London.

- APMR News