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Chinese Estates plan office relocation in London
Office design news from Morgan Lovell
Published on 05-07-2010
Chinese Estates is in advanced talks to purchase a new commercial building in London, sources have revealed.
According to Property Week, the Hong Kong-based organisation is looking to buy Tower 42 for more than £300 million.
The news provider noted that if the office relocation in London goes forward, it will further prove there is an increased interest from Far Eastern investors in moving to the capital.
Chairman of Chinese Estates Joseph Lau has an estimated worth of $4.2 billion (£2.7 billion) and is currently in 129th position on Forbes' world's richest people list.
Sources close to the situation told Property Week that negotiations are close to being finalised, with a single party the focus of discussions after second-round bidding saw three to five corporations involved.
It follows the sale of 25 Bedford Street in Covent Garden to Blackrock Property Fund, with West End of London Property Unit Trust having put the site up for purchase.
Posted by Paul Kelly
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