The ?1.15 billion ($1.41 billion) buyout of the City of London`s tallest tower by a Chinese investor shows the continued appetite for U.K. commercial property from Asian buyers.
Investment volumes into London commercial property for 2016 dropped by around half versus the prior year, according to research from real estate services company Cushman & Wakefield.
The Hong Kong-listed Chinese development firm is controlled by its chairman, the property magnate Cheung Chung-kiu, said by local press to be the richest man in the southwestern Chinese city of Chongqing.
The building broke rental records for the City of London with prices piercing the ?100 per square foot mark.
Furthermore, weak sentiment as revealed in the Royal Institute of Chartered Surveyors` (RICS) fourth quarter 2016 U.K. commercial property survey, suggests much of the Brexit pain for the capital city may lie ahead.
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