Finance / ‘Walkie Talkie’ skyscraper bought by Hong Kong firm for £1.3bn
‘Walkie Talkie’ skyscraper bought by Hong Kong firm for £1.3bn
27 July 2017
A Hong Kong firm has splashed out a record £1.3 billion to buy London's landmark "Walkie Talkie" skyscraper.
The deal for 20 Fenchurch Street will see food conglomerate Lee Kum Kee buy out the Canary Wharf Group's and Land Securities' 50% stakes in the building.
Designed by architect Rafael Vinoly, the Walkie Talkie hit the headlines in 2013 when it was blamed for causing damage to a parked Jaguar by reflecting the sun's rays.
However, the fully let building covering 34 floors in the City's insurance district makes it an attractive investment proposition, and it also boasts a three-tiered sky garden with a restaurant, bar and cafe, together with a free open air viewing area.
James Beckham of Cushman & Wakefield, which advised on the deal, said: “This record-breaking deal demonstrates the enormous investor appetite in London, and in the City’s reputation as the global place to do business.
“Since the vote to leave the EU, capital targeting London from the Asia-Pacific region has increased to record levels. This is partly due to currency fluctuations but is more indicative of longer-term confidence in London and investment strategies which are not derailed by short-term political uncertainty.”
The deal comes months after another London landmark, the “Cheesegrater” building, was sold to the investment vehicle of Chinese property magnate Cheung Chung Kiu for £1.15 billion.
Jonathan Brady/PA Wire