CIS increases London property holding
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E-mail China Daily, October 26, 2012
China's sovereign wealth fund is expanding its presence in the United Kingdom by getting more involved in London's property market.
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The London city [file photo] |
China Investment Corporation, the manager of China's $410 billion sovereign fund, is in talks to buy Deutsche Bank's headquarters building in London for 250 million pounds ($403 million), according to British media reports.
The planned purchase is taking place amid a shifting pattern of China's overseas investment in recent years, from financial assets such as bonds to real assets such as infrastructure and real estate, said Mark Williams, London-based chief Asia economist of macroeconomic research company Capital Economics.
The building, known as Winchester House, is being sold by KanAm, the German open-ended real estate fund.
The fund bought the building in 2003 and then leased it to Deutsche Bank. It is the head office of the bank's global investment banking operation, according to KanAm's website.
The purchase would mean CIC has a presence in the property market in both of the two of London's financial centers — the City of London and Canary Wharf .
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