An office block in London’s 10 Fenchurch Street changes its owner: UK firm Retain Propser Ltd. acquires the building from a Hong Kong consortium for £94.2M. Retain Prosper is an affiliate of an influential but low profile family office from China. So far the building was owned jointly by Chuang’s Consortium and Chuang’s China Investments, a Hong-Kong based real estate investment firm. They, in turn, acquired the building in 2016 for £80M from Standard Life. The asset is sold due to a switch to a “cash is king” strategy amid the uncertainties due to the Corona virus.
Investment in prime commercial building in London
The acquired 11-storey commercial property is a whole block, located between 6-12 Fenchurch Street and 1 Philpot Lane. It’s near Monument Underground station and located in London’s financial district. Tenants include insurer HDI Global and Dutch credit insurer Atratdius. Rental income is around £4.2M per year.
Chinese family office interested in UK real estate
Retain Prosper Ltd., an entity founded in 2019, is an afilliate of the Mighty Divine family office, which represents a few high net worth chinese families. The deal marks the first solo deal of the family office. Alledgedly, the family office already invested in other deals as a silent partner before. Furthermore, Mighty Divine is also active on the HK securities and futures market. In a forward deal, Mighty Divine also aquired a commercial tower in Hong Kong for $320M in 2018.
Picture source: Ed Robertson
Article source: Mingtiandi, 06.05.2020
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