Hong Kong-based sauces and condiments group Lee Kum Kee is nearing a deal to buy the Walkie Talkie for £1.2bn – a net initial yield of 3.6%.
The group is in advanced discussions to buy the entire City skyscraper at 20 Fenchurch Street, EC3.
Canary Wharf Group, the Qatari Investment Authority, China Investment Corp, Morgan Stanley Real Estate Investment and Brookfield Property Partners instructed CBRE and Eastdil earlier this year to sell their 50% stake for around £600m.
Landsec has not actively marketed the remaining 50% stake it owns. However, Landsec chief executive Rob Noel told EG in May that the REIT would “always accept a strong bid for any asset when we think we can use the money better elsewhere.”
If the deal goes through it would top the £1.15bn achieved by Oxford Properties and British Land for the sale of the Cheesegrater, at 122 Leadenhall Street, EC3, in May to Hong Kong investor C C Land.
All parties declined to comment.
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