A Hong Kong-based firm bought the Leadenhall Building for £1.15bn
Asian investors are continuing to buy up London’s commercial property, taking advantage of sterling’s weakness and looking beyond mounting economic uncertainties.
Undeterred Asian firms spent more than £4bn on property in the capital in the first six months of 2017, according to Cushman & Wakefield.
The investment accounted for almost half of all deals in the period, with £8.8bn being invested in London’s housing and commercial property market in the six months to July.
Big-ticket deals included Hong Kong-based CC Land Holdings’ purchase of the Leadenhall Building, or “Cheesegrater”, for £1.15bn and One Kingdom Street for £300m.
The £315m property at 20 Gresham Street was also snapped up by investors at China Resources Limited, while the Singapore-based Ho Bee Land purchased 67 Lombard Street for £129m.
Research from Cushman & Wakefield, which analyses contracts for exchanged deals, showed that London property investment was up 18.5pc from £7.45bn in the same period last year.
Activity from Asia-Pacific investors, including China, Hong Kong and Singapore, was at its highest in five years and accounted for 46pc of all deals.
“Asia-Pacific investors from across the entire region dominated the London market in the first half of this year and are set to continue with strong ongoing interest in assets right across the risk spectrum,” said James Beckham, head of London capital markets at Cushman & Wakefield.
Following closely behind the region were investors from Europe, with Germany spending the most, regardless of Britain’s plans to leave the EU.
Of the seven deals worth more than £200m in the City of London, German investors were responsible for four.
Deutsche Asset Management acquired 2&3 Bankside for £310m, while fund manager Deka bought Cannon Place for around £485m.
Separate research earlier this year showed Middle and Far Eastern buyers have been active in the regional property market, spending around £1.9bn in 2016.
Source:The Telegraph
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