Overseas investment in the City continues apace
The City of London is continuing to maintain its attractions for investors from overseas with the announcement of the purchase of Winchester House, 1 Great Winchester Street, EC2 by a joint venture between China Investment Corporation and Invesco Real Estate. The latest transaction reinforces the trend towards foreign ownership (now over 52% by value) analysed in the report by Development Securities in November 2011, in particular from China and Germany. For more information, click here.
Winchester House is a 310,000 sq ft building and is the London headquarters of Deutsche Bank, who occupy on a lease with a break in 2018. The property was sold by the German fund manager Kanam for £245 million, reflecting an initial yield of 5.6%. The deal is CIC’s first direct property acquisition in the UK.
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