The management of St. Lucia News Online sincerely apologises to its readers and advertisers for the reduction in news updates over the past weeks due to issues beyond our control that we can not legally/personally disclose at this time. Thankfully, there was no downtime but we regret the lack of updates due, to as mentioned, issues beyond our control. We thank you for your patience as normalcy is being restored to our daily coverage.

A building in London just sold for $100 million… per floor


 Share This On:

The building at 5 Broadgate.

(CNN) – A 13-floor “groundscraper” in London has been sold for $1.3 billion.

The building in the city’s financial district was bought by a subsidiary of CK Asset Holdings, the property company founded by Hong Kong’s richest man, Li Ka-shing.

5 Broadgate is currently the London headquarters of Swiss bank UBS (UBS) and 5,000 of its workers.

Completed in 2015, the building has four trading floors and seven floors of office space. It also boasts a green roof and an array of solar panels, according to Make, the architecture firm behind the project.

“Groundscrapers” are typically about a dozen stories tall, but they extend horizontally to cover a massive area. Google (GOOGL) is developing one of its own in London.

The sale of 5 Broadgate was announced Thursday by current owners British Land (BTLCY) and GIC, who said the £1 billion ($1.3 billion) sale price was “in line” with the building’s valuation in March.

CK Asset Holdings (CHKGF) did not respond to a request for comment.

Observers had feared the commercial property market in London would crash after Brits voted to leave the European Union in June 2016.

Some companies, including UBS, are planning to move some jobs away from London in order to safeguard their business in the European Union.

But the bottom has not fallen out of the market.

The market for homes has slumped, with prices dropping along with the number of sales, according to the Royal Institution of Chartered Surveyors (RICS).

But the commercial property market has fared better. RICS said that tenant inquiries picked up slightly in the first quarter, the first increase since the Brexit vote.

Li retired last month at the age of 89 after building a business empire spanning ports, telecommunications and retail.

CK Asset Holdings already owns several properties in London.

This article was posted in its entirety as received by This media house does not correct any spelling or grammatical error within press releases and commentaries. The views expressed therein are not necessarily those of, its sponsors or advertisers.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.