Asia Developer Buys into London Office Market Again
Asian developer buys into London property market again as the British Land sold London headquarters of Swiss bank UBS to Hongkong developer. Hong Kong developer CK Asset has acquired the three-year-old UBS headquarters for £1 billion ($1.3 billion) from British Land and Singapore's Sovereign wealth fund GIC.
British Land and Singaporean sovereign fund GIC, which jointly own the property, sold the 700,000 square foot, 13-storey high 5 Broadgate building completed in 2015, to Li Ka-shing’s CK Asset now chaired by his son Victor Li, according to a statement released by British Land.
British Land acquired the site, where the building now stands, back in 2012. The building, which was completed in 2015, generated a total property return of 18% annually, according to the developer. Li's CK Asset earlier sold an office building in Hong Kong to a group of Chinese investors.