Hong Kong-based property group Chinachem is buying a £158.5m (€187m) London office building, leased to short-form video hosting service firm TikTok, from Helical.
Helical said it has agreed to sell Farringdon East Jersey, a company that owns the long leasehold interest in Kaleidoscope, Lindsey Street, EC1, to Chinachem. The 150-year lease from Transport for London was granted in 2018.
Matthew Bonning-Snook, property director at London-listed Helical, said: “Kaleidoscope was the first over-station development to complete on the Elizabeth Line and we were able to attract one of the world’s fastest-growing tech businesses due to its striking design, highly accessible location, excellent amenities and strong environmental credentials.
“We will now seek to recycle the proceeds from the sale into delivering new highly sustainable ‘best-in-class’ Central London office schemes, where occupier demand remains strong.”
Donald Choi, executive director and CEO of Chinachem, said: “We’re delighted to have acquired Kaleidoscope successfully as it is located in one of London’s best-performing sub-markets with impressive rental growth. We intend to hold this property for long-term investment.
“Having now made our London entrance, we will incrementally increase our exposure in gateway cities of other major developed markets in order to move further forward our diversification objectives and build a long-term resilient income stream. However, Hong Kong still remains our home and the core market of our business operations.”
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