LKK Health Products Group Acquires Landmark Office Building at 20 Fenchurch Street in London for GBP1.2825 Billion
LONDON, July 27, 2017 /PRNewswire/ -- LKK Health Products Group (hereinafter referred to as "the Group") is pleased to announce that on 26 July it has entered into a sale and purchase agreement with Land Securities Group plc and Canary Wharf Group plc, through Infinitus Property Investment (Hong Kong) Limited, its wholly owned subsidiary, to acquire a 100% interest in the landmark commercial building at 20 Fenchurch Street, London, known as the "Walkie Talkie", for a total consideration of GBP1.2825 billion (approximately HKD12.8 billion). This is the largest-ever office complex property transaction in the United Kingdom for a stand-alone office building.
A Prominent Location at the Heart of London with Sustainable Rental Returns
20 Fenchurch Street is an iconic building prominently situated in London's financial district, with uninterrupted 360° views across Central London. The property, designed by Rafael Vinoly Architects, provides the largest and most valuable floors at the top of the building due to its unique top-heavy shape. The property also features the famous Sky Garden which is one of the most popular and welcome visitor attractions in London.
Completed in 2014, the property is a 37-storey commercial complex providing approximately 713,000 square feet of best-in-class office (671,000 square feet), retail (17,000 square feet) and an ancillary area (25, 000 square feet). The property is currently fully let to a number of investment grade tenants with a weighted average unexpired lease term of approximately 13 years.
Excellent Opportunity to Expand the Group's Real Estate Portfolio
The acquisition enables the Group to not only achieve a reasonable return from rental income, but also extend its property portfolio to a major overseas financial center for sustainable and stable capital appreciation. As such, the property will be held by the Group as a long-term investment.
Mr. Sammy Lee, Chairman of LKK Health Products Group, 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."
About Infinitus Property Investment (Hong Kong) Limited
Infinitus Property Investment (Hong Kong) Limited, a wholly-owned subsidiary of LKK Health Products Group, owns and manages premium office and retail space in the CBD of Guangzhou and Shanghai, China; and Central District, Hong Kong Special Administration Region of China. The total office and retail space to be managed will be over 3.2 million square feet including the new Guangzhou Infinitus Plaza (under construction for completion in 2020).
About LKK Health Products Group(www.lkkhpg.com)
LKK Health Products Group, a HK-based corporation, was established by the Lee Kum Kee Family in 1992. The Group operates diversified businesses in Chinese herbal health products, property investment, Chinese herbs plantation and trading, and venture capital for startups. The trademarks of the Group include "Infinitus", "Tianfangjian", and "Happiness Capital".
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