Chinese property developer Cheung Kei Group has added the former London home of defunct investment bank Bear Stearns to its growing property portfolio as Asian investment into London reaches record highs.
The group has bought 5 Churchill Place in Canary Wharf for ￡270m from Said Holdings, founded by Wafic Said, a Syrian born businessman and philanthropist. The purchase is Cheung Kei’s second acquisition in the area since July.
The sale price for the 319,000 square foot, 12-storey building represents a net initial yield of 5.2 per cent for Said Holdings, according to analysis from Capital Real Estate Partners, which advised the group on the deal.
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