A Singaporean group has bought London’s former Stock Exchange Tower in a £385 million deal.
City Developments Ltd (SGX: C09) has said it has taken advantage of Brexit uncertainty and purchased 25 Old Broad Street from the US-based private equity group Blackstone.
Frank Khoo, who is the group chief investment officer at CDL, said: “The short-term uncertainties surrounding Brexit have presented us with opportunities to acquire assets with deep value.”
“We believe 125 Old Broad Street provides a complementary addition to our London portfolio, both from a geographic perspective and from a tenant mix perspective.”
“We have confidence in the long-term fundamentals of London as a global financial hub with a robust office market,” he added.
CDL also purchased Aldgate House earlier this year for £183 million.
Andrew Hawkins, an international partner at Cushman & Wakefield, said that CDL bought the former Stock Exchange Tower at an “attractive price”.
Blackstone (NYSE: BX) bought the tower for £320 million in 2014.
A few iconic London buildings have been purchased over the past 18 months by foreign buyers.
China completed a reported £200 million-plus deal to buy the Royal Mint Court site, which it plans to use for the UK embassy.
Paul Goswell, the Managing Director at Delancey, said: “We are delighted with the People’s Republic of China’s decision to transform Royal Mint Court into their new London embassy. Delancey, along with its partner LRC Group, were fully committed to building out the office development, having spent the last four years designing the scheme in conjunction with Tower Hamlets and the GLA, both of whom have been constructive and supportive throughout the process.”
“However, the scale of the buildings, coupled with the unparalleled history and large area of amenity and public realm, make it one of a kind in the City of London and undeniably perfect for the needs of a prestigious embassy. We wish the People’s Republic of China all the very best in their new London home.”
In March last year, the “Cheesegrater” was sold for £1.15 billion to CC Land.
“This sale shows continued investor appetite for best-in-class, well-located property in London,” said Tim Roberts, head of offices and residential at British Land at the time of sale.
