UK REIT British Land and Oxford Properties, the global real estate arm of Canada's OMERS pension fund, said on Friday they have completed the £1.1 bn (€1.35 bn) sale of The Leadenhall Building in London to Hong Kong investor CC Land.
The deal, which was announced in March, was conditional on CC Land obtaining shareholder approval for the transaction.
The two developers of the property, dubbed 'The Cheesegrater' and the tallest building in the City of London at 736 feet (224 metres), had held it as an investment in a 50/50 joint venture formed in 2010.
Construction of The Leadenhall Building started in early 2011 and was completed in summer 2014. The building is fully let with an average remaining lease term of over 10 years to break, with tenants including insurers Aon and MS Amlin, and the building’s architects Rogers Stirk Harbour + Partners.
British Land and Oxford Properties were advised on the deal by Cushman & Wakefield, Eastdil Secured, Mayer Brown and Herbert Smith Freehills.
