Walkie Talkie building sold to Hong Kong's LKK Health Products for £1.3bn
London's iconic Walkie Talkie building has been sold to Hong Kong's LKK Health Products Group by Land Securities and Canary Wharf Group for £1.28bn, marking the largest ever transaction in the UK for a standalone office building.
LKK said the acquisition will enable it to achieve a reasonable return from rental income and extend its property portfolio to major overseas financial centres for sustainable and stable capital appreciation. The 37-storey, 713,000 square ft commercial complex will be held by the group as a long-term investment.
Chairman Sammy Lee said: "We are delighted to acquire 20 Fenchurch Street in Central London to expand our global presence through strategic investments by the Group’s Infinitus Property Investment arm.”
Completed in 2014, the Walkie Talkie building is situated in the financial district, with 360 degree views across Central London. It is currently fully let to a number of investment grade tenants with a weighted average unexpired lease term of around 13 years.
The deal comes just months after London's 'Cheesegrater' - officially named the Leadenhall Building - was sold to Chinese investors for £1.15bn.