Home Commercial Property London’s ‘Walkie Talkie’ building sold for £1.3bn in recording breaking deal

London’s ‘Walkie Talkie’ building sold for £1.3bn in recording breaking deal

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28th Jul 17 11:13 am

Here’s what you need to know about the deal

London’s landmark ‘Walkie Talkie’ skyscraper has been sold to a Hong Kong firm for a record £1.3bn, the highest price ever paid for a single building in Britain.

Landsec and Canary Wharf Group, who developed the building as a joint venture, have each sold their 50 per cent stakes in the building to Hong Kong food and health products conglomerate Lee Kum Kee.

Infinitus Property Investment (Hong Kong) Limited, a wholly-owned subsidiary of LKK Health Products Group, will acquired the 100% interest in building as a result of the sale.

Formally known as 20 Fenchurch Street the 34-storey building built in 2010 is known as the Walkie Talkie because of its distinctive shape and is home to popular the three-storey Sky Garden, which also boasts restaurants and spectacular views across London.

The building made headlines in 2013 when reports that the glare of the skyscraper in hot temperatures was being blamed for melting parts of cars. It also won the UK’s Ugliest building award in 2015.

Robert Noel, Chief Executive of Landsec, said: “The building has been an immensely successful project for Landsec and our partners.

“This sale crystallises the significant value we have created at 20 Fenchurch Street.”

Cushman & Wakefield, commercial property and real estate consultants, advised on the acquisition of the property and James Beckham Head of London Capital Markets, Cushman & Wakefield, 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.”

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