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CITIC Construction, the construction and engineering subsidiary of the CITIC Group, ranked among the largest 100 companies in the world with 44 subsidiary companies including China CITIC Bank, is looking to acquire a UK construction company to gain a foothold in the EU market. If the acquisition is successful it will allow CITIC Construction to bid for work, for example at Royal Albert Docks.
ABP (The Association of British Ports) is attempting to create London’s third business district at The Royal Albert Docks and CITIC Construction wants a piece of the action; they are in ongoing talks to purchase a 20% equity stake in its £3bn scheme. CITIC will pay £100m in cash for its stake in the 4.7m sqft scheme, with the remaining £400m of other equity to help fund the £1.7bn build cost. The first occupiers have signed reservations to occupy space, among the 13 companies are Savills, Globe Group, David Tang & Co Solicitors and German Pool. Also investment from Indian property company, Strawberry Star has been welcomed as they took an 8% stake in the scheme for £50m buying them 50% of the residential component.
Andrew Ingram, a surveyor at Morgan Pryce believes that, “With the Chinese economy being very unsettled over the last 2 months expanding interests overseas and diversifying from domestic activities is a good idea. However the rapid devaluation of renminbi is cutting spending power abroad making acquisitions pricier than before!”
This news was brought to you by Morgan Pryce, 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.