Hong Kong financial services group Hao Tian Development has exchanged on a £130m deal to buy the Corn Exchange in the City of London, EC3.
Hao Tian has acquired the 150,000 sq ft building at 55 Mark Lane from Thai-Chinese group Reignwood Europe. The price agreed reflects a yield of 5.1%.
In a statement, the company said: “The property represents an excellent opportunity for the group to invest in the property market in the United Kingdom and in a high-quality freehold commercial property in central London…The board considers that the acquisition is a strategic fit to the group’s strategy on expanding its investment portfolio and is in line with the group’s investment plan in real estate and investment properties.”
The property is mult-ilet to 10 tenants including insurance broker Faraday Underwriting, insurance company Newline Underwriting and telecommunications firm Swift Limited.
Reignwood bought the Corn Exchange in 2014 from Credit Suisse Asset Management’s German open-ended real estate fund, CS Euroreal, for £89.9m.
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