Chinese magnate set to clinch £1bn Cheesegrater skyscraper deal
A multi-millionaire Chinese property magnate is closing in on the City’s Cheesegrater tower as British Land on Tuesday confirmed “advanced talks” over the £1 billion sale of the skyscraper.
CC Land, a vehicle of Cheung Chung Kiu, the so-called “Li Ka-shing of Chongqing”, is the hot favourite to buy the tower, which is jointly owned by British Land and Oxford Properties. The Standard first revealed his pursuit in January.
British Land, led by Chris Grigg , will use the funds to help finance the redevelopment of 100 Liverpool Street, one of several buildings being vacated by UBS as the Swiss investment bank moves into new headquarters nearby.
Oxford Properties, part of the Omers Canadian pension fund, is now selling its stake as well.
The deal also underlines the City commercial property market’s strong start to the year despite Brexit.
Industry sources say there is £900 million in offices currently available with £2.5 billion, including the Cheesegrater, under offer to potential buyers. “Sterling is weak and uncertainties over Brexit haven’t fed through to rents yet,” said one source.
The skyscraper is 225 metres high and, although smaller than The Shard, remains the tallest building in the City until it is overtaken by the planned 22 Bishopsgate scheme.
