27th June 2014
Chinese state-backed insurance group China Life has taken a majority stake in 10 Upper Bank Street, one of Britain's biggest office towers, in its first European property investment.
The company, along with Qatar Holding, has paid £795m for the tower in London's docklands from Canary Wharf Group. The deal sees China Life take a 70% stake and Qatar Holding 20%, with Canary Wharf Group retaining 10% in the joint venture. John Garwood, Canary Wharf Group company secretary, said the deal was its first big asset sale in nearly a decade. "This confirms that London is still attractive to international investors and they still see upside 'in asset prices'," he said.
Source: Financial Times (21/06/2014)