China Construction Bank has completed its purchase of a new headquarters building in the City of London at 111 Old Broad Street, EC2 from Belgian bank KBC.
Both parties declined to comment on the price for the 125,000 sq ft freehold building, but it is understood to have been £111m.
KBC has agreed to lease back the first floor of the eight-storey building, while CCB will take the ground and top two floors.
China Construction Bank (London) Limited chief executive Xilai Feng said: “This acquisition supports the growing business of CCBL and underlines our long term commitment to London’s world-leading financial market.”
KBC Bank London branch general manager Theo Speelmans said: “This successful transaction will allow KBC to continue its role in the City’s financial community from its well-known and ideally located premises while at the same time providing long-term stability in further developing its business activities.”
The remainder of the space will continue to be marketed.
Knight Frank advised KBC; CBRE advised CCB.
jack.sidders@estatesgazette.com
