Tuesday, July 29, 2014   




CIC in second London property deal

Tuesday, November 12, 2013

China Investment Corporation is closing a deal to buy Chiswick Park, a West London office development, from US private equity group Blackstone for about 800 million (HK$9.9 billion).

The acquisition of the 13.3-hectare business park may be finalized within the month, according to the Financial Times.

Tenants include Pepsi, Swarovski and TV broadcaster QVC.

If successful, the deal would become the most expensive investment in Europe by China's sovereign wealth fund.

It will also be the second acquisition by CIC in the UK property market since it bought the City of London headquarters of Deutsche Bank last year. On Thursday, the Hong Kong Monetary Authority entered a joint venture to own and develop Hanover Square Estate on New Bond Street in London's West End, a commercial and residential project with a land price of 202 million. The investment was backed by the Exchange Fund which spent HK$13.5 billion on the real estate sector last year.

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Separately, China International Marine Containers Group (2039) bought German firefighting vehicles maker Albert Ziegler at a consideration of 55 million euros (HK$572 million).

Ziegler, which filed for insolvency in 2011, recorded a net loss of 5.93 million euros last year. IMOGENE WONG AND REUTERS


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