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CCB agrees to buy building in London for European headquarters
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CHINA Construction Bank has become the second major Chinese financial institution to secure a property purchase deal after agreeing to pay 110 million British pounds (US$187 million) for a central London office building off-market.
CCB, one of China's big-four state-owned commercial banks, has bought 111 Old Broad Street, a 7-story freehold property with a total area of 11,416 square meters, from KBC Group, a Belgian bank, according to international real estate services provider Knight Frank, which acted as the vendor's agent.
CCB received approval from Britain's Financial Services Authority in March to set up its London subsidiary, its first branch in Europe.
Chinese insurer Ping An purchased the landmark Lloyds of London building for 260 million British pounds in July 2013, the first in a predicted wave of property deals by Chinese financial institutions.
"It is a great success for all involved, and indeed London as a global city, that the building has been bought by CCB as their European headquarters and will become such a centerpiece to the growth of Chinese business in the UK," said Nick Braybrook, Knight Frank?s head of city investment. "In addition, the central London office market has entered a new phase of rental growth triggered by the start of economic recovery in the UK together with a shortage of new office space. Prime rents are widely forecast to increase substantially over the next three to four years."
In the first quarter of this year, Chinese investment into commercial real estate in London totaled US$348 million, second after the US$464 million invested in Chicago, Jones Lang LaSalle said in a report released last month.
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