Hong Kong billionaire Chen Hongtian’s Cheung Kei Group has completed a £270m acquisition of 5 Churchill Place, E14, from Said Holdings.
The deal represents the second major acquisition by the Shenzhen-headquartered private real estate vehicle in the past six months. In June, Chen agreed terms to buy Brookfield’s 20 Canada Square, E14, for around £410m – a net initial yield of around 5.2%.
The sale price for 5 Churchill Place reflects a value per sq ft of £846 and a net initial yield of around 5.2%.
The building comprises around 319,000 sq ft over 12 floors. JP Morgan is the lead tenant, renting 10 of the building’s 12 floors. Time Inc, American Express, Cision Gorkana and Balfour Beatty also have offices in the building.
Saïd Holdings acquired the building, previously the Bear Stearns headquarters, from Canary Wharf Group in January 2010 for £208m.
Wafic Saïd, founder of Saïd Holdings, said: “Said Holdings bought this building at an attractive price when financial markets were in a state of some turmoil. We are still confident in the strength of the London market, but received a compelling offer from buyer Cheung Kei Group.”
Capital Real Estate Partners advised Saïd Holdings; JLL represented Cheung Kei Group.
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