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Lloyds Banking Group has sold its London headquarters to a Chinese property investment company for an undisclosed price.
Under the terms of the sale to Hengli Investments Holding, the bank will lease back the building for the next 20 years. The building is located at 25 Gresham Street, in the heart of the City of London’s financial district.
There will be no disruption to Lloyds’ operations or staff in the building as a result of the sale, a spokeswoman said, adding: “The transaction enables the group to capitalise on the market conditions and realise value in its property portfolio for shareholders.”
The drop in the value of sterling following Britain’s vote last year to leave the European Union has lured foreign investors into the British real estate market.
Several Chinese buyers have been looking at UK property since the devaluation of sterling. According to reports, Chinese property developer Cheung Kei Group had purchased Bear Stearns’ former London headquarters for £270m from Said Holdings earlier this week.