British Land and Oxford Properties have completed the sale of the Leadenhall Building, EC3, to Chinese investors CC Land for £1.15bn.
Contracts for the deal originally exchanged on 1 March, however completion of the sale was conditional on CC Land obtaining shareholder approval, which it obtained at a special general meeting on 18 May.
British Land and Oxford Properties owned the Leadenhall Building in a 50/50 joint venture formed in 2010.
The headline price of £1.15bn represents a premium to the valuation preceeding exchange of contracts. The sale marks the end of a partnership between the two companies to develop and lease the building.
British Land and Oxford Properties were advised by Cushman & Wakefield, Eastdil Secured, Mayer Brown and Herbert Smith Freehills.
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