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China Investment Corporation is reported to be among a trio of Asian investors vying to buy the £800-million office complex in London’s Chiswick Park. According to China Daily, this could become the latest in an increasing number of international property deals by Chinese buyers.
The Chinese investors are attracted by what are considered bargain prices in the UK capital along with the continued appreciation of the renminibi. “London’s investment commercial property market provides a more steady return than that of China. This is mainly due to the fact that leasing terms in China are much longer and rents steadier,” comments Eugene O’Sullivan, director at Morgan Pryce, London’s commercial property agents.
Since 2005, the renminbi exchange rate has been allowed to hover within the close vicinity of a fixed base rate, determined with reference to certain other world currencies. The Chinese government has announced that it will, however, gradually increase the flexibility of the exchange rate and is putting into place various projects which it hopes will increase the currency’s profile in the eyes of the rest of the world and encourage it to become a reserve currency over the long term.
Other bidders for the 1.1-million-square-foot development, which is owned by the US private equity firm Blackstone, include government-backed funds from South Korea and Malaysia.
Morgan Pryce is a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.