Hong Kong-based retail operator Lifestyle International Holdings has paid £50.1m for more than 5.6m shares in Landsec.
The group said it built up the interest in the UK REIT between 13 June 2019 and 18 May 2020 to allow it to “participate in the retail and commercial property market in the United Kingdom without having the need to own such physical properties”.
Lifestyle International plans to hold the 5,671,554 Landsec shares as a long-term investment with the aim of enhancing the returns on cash for the group.
It paid on average £8.84 per share and the purchase was funded by the group’s internal cash resources. The purchase includes Landsec shares and fixed coupon notes.
The group owns the Sogo department store in Hong Kong.
Lifestyle International’s chairman, Thomas Lau, is the brother of Joseph Lau who was chairman and chief executive of Chinese Estates Holdings, which owns Goldman Sachs’ former office, River Court, on Fleet Street, EC4.
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