Hong Kong tycoon Victor Li has bought a London office tower for 1 billion pounds ($1.3 billion) as he expands his overseas portfolio after taking over the business empire of his billionaire father Li Ka-Shing. Property company British Land and a Singaporean wealth fund GIC said in a statement that they had sold 5 Broadgate to a subsidiary of Victor Li’s CK Asset Holdings. The move comes days after Li’s CK Infrastructure Holdings made an A$12.98 billion ($9.8 billion) takeover offer for Australia’s biggest gas pipeline company, APA Group, offering a hefty 33 per cent premium to tap into a tight gas market.
The London building, completed in 2015, generated a property return of 18 per cent per annum for British Land. CK Asset first entered the UK property market in 1995 and has developed a number of residential and commercial properties, including Royal Gate Kensington, Montevetro, Belgravia Place and Albion Riverside in London. Li Ka-Shing handed over the keys of his empire, which includes CK Hutchison Holdings Ltd, to his elder son earlier this year.