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- Duke of Westminster supplying free wifi on his lands in Belgravia and Mayfair
- Chinese president Xi Jinping is now 'more important to London property prices than [UK prime minister] Theresa May
- One of Stanley Ho's wives purchasing an office building for $338 million
- Long-term investors [such as the Chinese], attracted by the weak pound, are still interested in buying properties in London, which is seen as a safe-haven market
- KPMG hq in London is available for purchase
- London is still world financial services centre
- Weaker pound is drawing global investors
- London is better investment than Hong Kong, says Cheesegrater owner
- London Office Sales Comps
'Every transaction for property worth +£100m in central London since September involved foreign buyers'
Opportunity | Leadenhall
Greater London is the fifth largest metropolitan economy in the world.
London accounts for one quarter of UK's population and ~ one-third of its GDP.
Reversing the Trend
- Koreans readjust
- Korean investor profit taking
- Daiwa Securities Europe HQ for sale
- Bulk discounts offered at Nine Elms
- Excess supply in resi
- Singaporeans buy option to acquire 20% stake in £1bn City tower, Aviva Towers
- China Minsheng short listed for SocGen's hq
- Mitsubishi teams up with Legal & General
- Another reason why London properties are 'spendy'
- City Developments purchase Stag Brewery site
- Taiwan's richest family buys 33 Old Broad St in City for £250 million
- Shin Kong buys in the City
- Beijing Capital buys in the City for £65.5 million
- Omers & Temasek jv for London office building >> Time Inc. is sole tenant
- Chinese developers define skyline
- China institutional investors in UK
- China Anbang, who bought Waldorf Astoria for $1 bln in NY, abort deal to purchase Heron Tower
- Chinese purchaser for Thames Court for £ 195 million
- Taiwan & Beijing purchasers for Office assets
- Fleet Place purchases - Poly, Wing Tai...
- Hong Kong investor purchase 50% of CoStar hq
- Arts Club in Mayfair sold for £90 million
- 40 Dover St.Capital Gains Tax now for Foreign Owners
- Landlords need to check Tenant's immigration status
- The Shard
- Temasek, AXA et al land Pinnacle - next 'Tallest'
- Aviva Tower - Tall tower coming...
- Super rich hunt trophies
- £7000 per sq ft - 3 bdrm duplex Penthouse in Mayfair on South Audley Street presold for £26 million - completion 2016
- Foreign investors in London
- As much as 25% of the development market is attributed to Asians
- Lai Sun purchase of Leadenhall for 5.8% cap
- Demand > Supply
- London : Centre of the Universe again?
- Canadian investors buy London
- Safe haven for the seriously rich
- Gherkin - video
- Safra buys Gherkin for £726 million
- Many bidders for Gherkin
- London office
- Office Record Rental set at £90 per sq ft at Shard
- Frothy fringe
- New Scotland Yard site, sold to Abu Dhabi capital >> Almacantar, BNP Paribas, Chinese developer Aqualand bid for the site >> £120 million over the asking price
- Russian investors
- Swiss investors - after the depeg
- Office rents to soar
- Where England's best schools push up house prices
- Post election 'pickup' in luxury home sector
- Hainan Airlines owner purchase for £ 131 million in Canary Wharf
- Hundreds of more units pre sold at Canary Wharf in a matter of hours
- Maine Tower - 200 units pre sold in hours - Purchasers include Greeks, Italians & French
- Queue for Canary Wharf condos
- 745 luxury units at10 Park Drive, to be completed in 2019, 'for Brits first'
- Deal Done! Qatar & Brookfield, new owners
- 'Impossible' deal becomes possible
- But Quatar's plans for a palace in London were quashed
- Brookfield & Qatar, relentless >> 28% shareholder, in support of Qatar's bid
- Brookfield & Qatar's attempt to buy Songbird's Canary Wharf >> Canary Wharf - new swagger!
- Canary Wharf worth more than $4.4 billion
- Qatar's strategic investment in Brookfield
- Qatar takes control of Canary Wharf
Henry Cheng in London
Anbang bidding for Heron Tower for $1.16 bln
Shimao purchase of GS's Christchurch Court at Paternoster Square for £270m
Taiwan-based Cathay Life purchase of Walbrook Building
2015 May 13 The prime Walbrook Building in City of London was acquired by Cathay Life for £ 575 million.
Taiwan's Fubon Life purchases Madame Tussaud
2015 May 26 Fubon Life is paying £332.5m for London tourist attraction Madame Tussauds.
Kepel Land purchase 75 King William Street
Keppel Land on Monday (Feb 9) has entered into a sales and purchase agreement with Aberdeen Property Trust for a freehold nine-storey office building in the City of London for £91 million (S$186 million), it announced in a press release.
The property, located at 75 King William Street, is said to be in close proximity to Bank Junction, London's historic and financial centre. Keppel said the investment will be managed by its fund management subsidiary, Alpha Investment Partners.
CEO of Keppel Land Ang Wee Gee said: "With continued growth in the financial services and new emerging industries such as the technology, media and telecommunications sectors, the London office market is expected to remain healthy.”
With a total internal area of 130,000 sq ft, the office building – completed in 1989 – is almost fully occupied by tenants in the financial services, shipping and serviced office industries, Keppel said.
“The above transaction is not expected to have any material impact on the net tangible asset per share or earnings per share of Keppel Land Group for the current financial year,” the developer added. -- 2015 February 9 CHANNEL NEWS ASIA
Oz Buys into King's Cross Regeneration for £200 million
2015 February 13
- Oxley Holdings at Royal Wharf
- Oxley sells 195 Royal Wharf development units for £751m to L&Q PRS Co
- China Minsheng investing £1 bln to create financial district at Royal Albert Docks
- China Oceanwide part of Minsheng group
- Minsheng Prez 'out' though
- Minsheng prez resigns, Anti-Corruption investigation
- Singaporean group buy Wembley property
Malaysian buys in Hammersmith
Malaysian developer Eastern & Oriental has bought Landmark House and Thames Tower in Hammersmith, west London for £57m.
Eastern & Oriental Property (UK) has bought the 1.2-acre site in the heart of Hammersmith, which has the potential for a significant mixed-use redevelopment, from Dubai-based education provider Gems Education Board.
The UK subsidiary of Malaysian-listed Eastern & Oriental will now become the platform for a push into London property.
It now owns three property assets in London, including Princes House acquired in 2012, ESCA House acquired in 2014, and the latest Hammersmith project which together have a combined gross development value of £269m.
The site at Hammersmith Bridge Road is prominently located along the A4 which is the principal road connecting central London to Heathrow airport via the M4 motorway.
Currently, two existing and connected office buildings occupy the site: the 11-storey Thames Tower and 15-storey Landmark House, which were both constructed during the 1960s.
Allies & Morrison architects has drawn up a plans for a development of up to 22 storeys at the site, which it hopes will appeal to the upper end of the residential market as well as office occupiers.
The proposed scheme would provide a residential tower in the centre of the site as well as a terrace of houses on Angel Walk and an office building in the eastern area of the site.
Thames Tower is currently vacant, while vacant possession will be obtainable for Landmark House by the end of September 2015.
Dato’ Terry Tham, E&O group managing director, said: “This prime freehold parcel in the established commercial hub of Hammersmith represents a significant refurbishment or redevelopment opportunity for E&O in the future. Subject to the relevant authority approvals, there is the potential to create Grade A office space and residential accommodation in an area where demand for quality new build property is strong.”
Paul Nicholls, director at CBRE who acted for the vendor, said: “This transaction underwrites the growing interest we have seen from both domestic and international developers who want to capitalise on the wave of value spreading out from the core central London market. Hammersmith is a strategic location with excellent transport links and has significant growth potential.” -- 2015 January 19 PROPERTY WEEK
- Emperor International Holdings purchase 181-183 Oxford Street for £35m at a sub-3% yield
- Hong Kong Emperor adds second Oxford Street property
Hong Kong-listed Emperor Group has picked up a second property on London’s Oxford Street for £35.5m, just six months after it bought a similar asset on the same strip at a low yield of just 2.6%
- Watches of Switzerland rent opposite Selfridges at £950 p.s.f.
Telegraph Stamp Duty Calculator
Asian investors, including insurers and banks, are buying into European properties as a way to diversify their portfolios as they seek steady yields of between 5 and 6 per cent.
Wanda faces challenges in its first project in London
It is going to be a tough start for Dalian Wanda Group in Britain, industry experts say, as the mainland property-to-film conglomerate begins its first London project amid rising competition for clients and contractors, just as the tide in the city's prime home market appears to have begun to ebb.
Wanda will market the One Nine Elms project in Hong Kong over the weekend, just a week after a Malaysian consortium started the sales process here for the iconic Battersea Power Station project.
The two projects are about 1km from each other, both at the waterfront along the south bank of the River Thames, at the redevelopment zone of Nine Elms that comprises more than 20 different developments.
Wanda's project is of a smaller scale, some 213 flats in the first release, and sits on existing infrastructure, said Michael Purefoy, a deputy general manager of Wanda's international real estate centre in Beijing.
He told the South China Morning Post that clients' response from London, Singapore, Beijing and Shanghai had exceeded expectations, as global awareness of the Wanda brand grew amid the company's aggressive expansion in countries including the United States, Spain and Australia.
Wanda bought the site last year in London near the new US embassy in its first foray into overseas markets. The 1.13 million sq ft scheme comprises two residential towers of 439 flats - one of which will be central London's tallest residential building - and a hotel. It is due for completion in late 2018.
Foreign buyers have fuelled soaring home prices in London in the past few years. However, a survey by the Royal Institution of Chartered Surveyors showed expectations for housing inflation in the British capital were falling at the fastest pace since before the global financial crisis on worries about a strengthening pound, rising interest rates and possible punitive taxes on overseas buyers.
Mark Farmer, head of residential at consultancy EC Harris in London, is more concerned about the delivery.
"Wanda is bringing forward One Nine Elms in one of the most challenging London development markets of recent years," he said.
"There are big contractor and supply chain capacity problems at the moment which are making the selection of construction partners very difficult."
An EC Harris report in October estimated total prime residential units in the pipeline would hit 12,000 in the next three years with a peak in 2017, and planned completion would overshoot a deliverability ceiling of no more than 2,500 to 3,000 units per annum in the years between 2016 and 2019, considering both financing and human resources.
London media said Wanda had appointed architects, project managers and cost consultants, but has yet to finalise the decision on its main contractor.
Meanwhile, the 42-acre Battersea development has also yet to pin down the contractor for its third-phase construction, which will offer 539 apartments. It had fixed-price contracts for the first two phases. Delivery will start from mid-2016 until 2025.
"The constructors are busy but there is still a lot of competition in the market," said Simon Murphy, chief financial officer of Battersea Power Station Development. "So we are comfortable that the numbers we have in our appraisal will be delivered in terms of cost, and we have funded the whole project."
Murphy, a former HSBC banker, is betting on the history of the Battersea Power Station, which at its peak supplied a third of London's power but ceased operation in 1983, to attract Asian buyers against rivals. But he said developers including Wanda can help rebuild the old industrial Nine Elms neighbourhood. - 2014 November 5, SOUTH CHINA MORNING POST
Japan’s Mitsui buys BBC west London site for £87m
2015 June Japanese developer Mitsui Fudosan and British partner Stanhope have agreed to buy the BBC’s studios in west London for £87m, the pair’s second deal with the publicly-funded British broadcasting group.
- Nanfung playing London at 50 Bank St at Canary Wharf
- Minsheng in East Docklands for £1.5 bln
- Half of newly built units in Central London sold to Russian and Asians
- Singapore's Ho Bee office purchase for £ 45.8 million
- Overseas developers in for the long haul
- London deemed safe for SE Asian investors - primarily Singapore and Malaysia
- GIC sells Merrill Lynch B of A Tower to Norway sovereign wealth fund for £582.5 million
- Nine Elms - "Hong Kong on the Thames'
- Regeneration improving London - Nine Elms
- Chinese group buy golf course in Wentworth
Queen of England in a Real Estate JV With Chinese Gov't to Buy Mall in UK
You might think the Queen would want something a bit more posh than Fosse Park in Leicester.
The partnership between the Crown Estate and Gingko Tree Investment Ltd, a wholly owned unit of China’s State Administration of Foreign Exchange (SAFE), is the biggest acquisition ever for the Queen’s asset manager, and the latest in a string of deals in Europe for the UK-registered Chinese firm. The investment was revealed in an announcement from the Crown Estate.
The deal for the 560,000 square foot (52,000 square metre) Fosse Park retail development in the city of Leicester shows the key role that government relations are playing in China’s outbound investment wave, as well as rising enthusiasm for recovering European real estate markets.
The joint venture formed by the two companies purchased Fosse Park, which attracts more than eight million shoppers a year, from UK property firm Foyleside. Retailers represented at the centre appear to be distinctly mid-market, including Marks & Spencers, Gap, Clarks, Boots, DFS and Costa Coffee.
China’s Government Investing Actively in EuropeWhile Chinese real estate developers have gained headlines with plans for splashy projects in cities around the globe, the country’s state-owned asset managers have also played a significant role.
Gingko Tree was China’s most active buyer in Europe’s real estate markets in 2013, acquiring stakes in 16 properties worth a total of $2.44 billion in the London, Manchester and other locations. Gingko’s parent, SAFE, is the government office charged with managing the country’s foreign exchange reserves.
China Investment Corporation (CIC), the country’s sovereign wealth fund has also been active in the UK market, and earlier this year acquired an office park in London from private equity firm Blackstone for £800 million ($1.34 billion).
The Chinese government’s growing taste for overseas real estate investment comes as the country’s government asset managers move beyond their traditional strategy of parking the country’s assets in government bonds and other safe investments.
The decision to move into global real estate markets is partly a search for yield, and is also likely to have been triggered by growing confidence and sophistication among the government asset managers tasked with the real estate investments, as well as among the bureaucrats supervising them.
Private Investors Following the Government to the UKIn China, there are few strategies as effective as working with the government, particularly for real estate deals. And the country’s property investors seem to be bringing this approach with them as they head overseas, so the tie-up between Gingko Tree and the Crown Estate is likely to drive still greater interest in UK property among Chinese investors. London has already been established as the favorite target among Chinese real estate investors.
Wang Jianlin seems to be bringing his government alignment strategy with him on his trips overseas
England’s capital was the single biggest target for Chinese investors buying real estate internationally, bringing in nearly four times the amount of investment than closest competitor San Francisco, according to JLL. Even the total amount invested in San Francisco, Chicago, and Los Angeles combined did not equal half of that going into London. New York failed to finish among the top five investment destinations for Chinese capital during the period.
Other China Related Purchases
Britain's 10 most expensive streets (average price)
1. Kensington Palace Gardens, London, W8, £42,591,972
2. The Boltons, London, SW10, £30,288,586
3. Grosvenor Crescent, London, SW1X, £22,752,425
4. Courtenay Avenue, London, N6, £19,609,231
5. Ilchester Place, London, W14, £13,718,746
6. Compton Avenue, London, N6, £12,049,363
7. Manresa Road, London, SW3, £11,600,920
8. Grosvenor Gardens, London, SW1W, £11,321,413
9. Cottesmore Gardens, London, W8, £11,037,133
10. Frognal Way, London, NW3, £10,702,421
Rich and under 40
Figures from Knight Frank show the proportion of properties worth £10m or more sold to thirtysomethings rose from 7.1% to 14.8% between June 2014 and June 2015. Accompanying comment singles out tech and IT money as the source.
JLL 2016 Q1