Leading Chinese real estate company, Poly Real Estate Group Co.Ltd., has completed its first UK real estate acquisition with the purchase of 5 Fleet Place in London for circa. GBP 145million
“with this transaction, Poly has acquired a Grade A office building, with a highly reversionary rental profile in an area of the City which will benefit significantly from existing local development activity and the completion of Crossrail in 2018,” says Eric Pang, head of UK China Business Group at JLL, who advised on the deal.
Poly Real Estate Group Ltd., listed in Shanghai Stock Exchange since 2006 (SH 600048), is one of the largest Chinese property developers and investors, with a footprint covering 70 cities including Sydney and Melbourne, Australia.
“Poly is delighted with the acquisition of 5 Fleet Place as our first UK investment,” said Arthur Wang, Head of the Group’s International Business. “We have a solid confidence as well as a long-term business plan in UK which will be along with the future development plan on both city and nation levels, and will commit to produce continuous benefit to clients, business partners and UK society.”
Developed by British Land in 2007, 5 Fleet Place is a freehold building, with approximately 130,000 sq ft of Grade A office and retail accommodation. The building is multi-let with the principle tenant being the law firm, Charles Russell Speechlys.
For more information:
Head of JLL's China desk in the U.K