LKK Health Products Group £1.28 billion acquisition of 20 Fenchurch Street (Walkie Talkie)

Overview:

• LKK Health Products Group, through subsidiary Infinitus Property Investment, has acquired 20 Fenchurch Street (the Walkie Talkie) for £1.28 billion from Land Securities (Landsec) and the Canary Wharf Group.
• The deal sees both sellers sell their respective 50% stakes.
• 20 Fenchurch Street is an office building in the City of London and is colloquially know as the 'Walke Talkie' due to its distinctive shape.
• The building was constructed in 2014 and is a 37 storey building with 713,000 square feet of lease-able space. 
• LKK Heath is a Hong Kong herbal products manufacturer.
• The deal represents the highest amount paid for a single UK asset with the record previously held by the Qatar Investment Authority's £1.175 billion acquisition of the HSBC Tower in 2014.
• Cushman & Wakefield advised LKK.
• The deal is the latest in a string of high profile London real estate acquisitions by Asian investors in 2017 including CC Land Holdings' £1.15 billion acquisition of the Leadenhall Building, and £292 million acquisition of One Kingdom Street, Chinese Estates Holding's £174.9 million acquisition of 11-12 St James's Square and Ho Bee Land's £129 million acquisition of 67 Lombard Street.

Sam Duke - Editor