JD.com buys London office building for 37m pounds

Chinese e-commerce giant JD.com (9618) is ramping up its European expansion with the acquisition of an office building in London’s Westminster district for 37 million pounds (HK$385 million) through its property arm JD Property, according to media reports.

The building, known as 20 Greycoat Place, is partially vacant and is expected to be partly self-used by JD Property or its parent JD.com.

The seller, ITC Properties (0199), acquired the site in 2016 for 18.5 million pounds and secured planning approval for redevelopment in 2021, according to reports.

The newly completed building comprises seven floors, including four floors of office space, two levels of duplex apartments, and one floor for mixed-use retail. It has a total gross floor area of about 4,000 square meters.

Earlier this month, JD.com launched a trial operation of its online retail platform Joybuy in London, offering same-day and next-day delivery in the city.

STAFF REPORTER