Deals | Property Week
Hong Kong firm CC Land Holdings, owned by billionaire Cheung Chung-Kiu, has acquired a Paddington office building for £292m.
It has agreed a deal to buy One Kingdom Street from Cityhold Office Partnership.
The 260,000 sq ft building is home to Vodafone and Statoil and was bought by the Cityhold – a joint venture between TIAA and two of Sweden’s national pension funds AP1 and AP2 – in 2011 for around £230m.
The JV still holds around £700m of property in London, as well as a number of buildings in other European cities. In total, its portfolio is worth around €2bn.
Cheung is also rumoured to be one of the parties vying to buy British Land’s 50% stake in the Cheesegrater.
Michael Elliott and JLL acted for Cityhold and Kieran Cotter advised the buyer.