London’s Walkie Talkie Tower, previously titled "UK's worst building of the year", sells for a record $1.7 billion


The price, a record for a single U.K. office property, is remarkable given that the building will face ongoing maintenance costs, JPMorgan Chase & Co. analysts including Tim Leckie wrote in a client note. LKK, which sells Chinese herbal medicines, paid a 13 percent premium to book value for the property even as Land Securities’s shares trade at a 26 percent discount, he said.



Land Securities Group Plc and Canary Wharf Group Plc agreed to sell the Walkie Talkie for 1.28 billion pounds ($1.7 billion) to Hong Kong-based LKK Health Products Group, founded in 1992 by the Lee Kum Kee family, whose primary business sells a variety of condiments.

Asian investors have poured into London’s office market in the year since the Brexit vote, capitalizing on the weak pound to buy towers for record-high prices. Hong Kong real estate developer C C Land Holdings paid 1.15 billion pounds for the Cheesegrater tower in May.

Anastasia Tokmakova via Archinect - News http://ift.tt/2uGwGDO

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