Korea’s National Pension Service has reportedly emerged as the buyer of UBS’s London headquarters at 5 Broadgate.
According to a news report by Estates Gazette, NPS has agreed terms to buy the site for £1.25 bn (€1.47 bn) from CK Asset Holdings after a bidding war with the Hong Kong Monetary Authority.
The so-called groundscraper at 5 Broadgate in the City of London comprises more than 700,000 sq ft (65,000 m2) of space over 12 floors.
CK bought the asset in 2018 from UK REIT British Land and Singaporean wealth fund GIC for £1 bn (€1.1 bn).
UBS is committed to the building until 2035.
CK Asset Holdings is the flagship vehicle of the CK Hutchison Group, a Hong Kong-based conglomerate founded by Li Ka-shing. Formerly known as Cheung Kong Property Holdings, the company, operates as a property developer in Hong Kong, mainland China, Singapore, the UK, continental Europe, Australia, Canada, and the US.
