Business

UBS headquarters have just been sold for £1bn

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The London headquarters for multinational investment bank UBS has been bought for £1bn by a Hong Kong property tycoon.

CK Asset Holdings, run by Victor Li after he took over the company from his father Li Ka-shing earlier this year, has purchased the prime office real estate from UK property firm British Land and Singaporean sovereign wealth fund GIC.

It is the most recent deal which signals continued Asian interest in the capitals property market, following acquisitions of both the "Walkie-Talkie" and "Cheesegreater" to Chinese investors in 2017.

The 13-storey "groundscraper", which is on 5 Broadgate in the heart of the financial district, will now be owned by a subsidiary of CK Asset Holdings, and is set to give a yield of 3.95 per cent.

The new announcement comes after a recent attempt to purchase the site outright from Mubadala Investment Company, an Abu Dhabi soverign wealth fund, fell through.

Tim Roberts, head of offices at British Land, said: "This transaction is the latest example of how our strategy is creating value. We delivered a modern, truly distinctive building for UBS, located at the heart of our largest central London campus, adjacent to the forthcoming Crossrail station. We have now taken the opportunity to realise value and reallocate capital across a range of projects, and uses, to deliver the best value for our shareholders."

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