Hong Kong billionaire Chen Hongtian is making his debut UK property purchase with the acquisition of Brookfield’s 20 Canada Square, E14, for around £410m.
Chen has agreed terms to buy the 566,000 sq ft property through his Shenzhen-headquartered private real estate vehicle Cheung Kiu Group for a net initial yield of around 5.2%.
The 12-storey Docklands block is BP’s largest London office, where it occupies 245,000 sq ft. Publishing company McGraw International is the other principal tenant with 260,000 sq ft of offices in the 566,000 sq ft block.
Cheng Kiu Group has net assets of 20bn yuan (over $3bn) including property stakes and a trading operation in global equities and bonds which operates out of Hong Kong.
Brookfield acquired 20 Canada Square in 2005 for £326.4m.
Savills is advising the buyer; JLL is representing Brookfield.
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