China’s Fosun swoops on central London office complex: Source

[unhappycamper]

http://atimes.com/2016/03/chinas-fosun-swoops-on-central-london-office-complex-source/



Thomas More Square complex, London

China’s Fosun swoops on central London office complex: Source
By Asia Unhedged on March 22, 2016
(From Reuters)

Fosun International (0656.HK) is set to close a deal worth about 300 million pounds ($426.4 million) on Wednesday to buy the Thomas More Square complex in London in its biggest real estate transaction in Europe, a source familiar with the matter said.

The office complex on the edge of the City of London would add another landmark estate to Fosun’s portfolio which already includes London’s Lloyds Chambers and Milan’s historic Palazzo Broggi, where Italian bank Unicredit was once headquartered.

Fosun is using Resolution Property Investment Management, a joint venture created last year with European investment firm Resolution Property, to buy the London complex from Land Securities (LAND.L), the source said on Tuesday.

London-listed Land Securities declined to comment while Fosun and Resolution had no immediate comment.

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The UK is experiencing severe budget difficulties with Osborne's austerity budget. Selling off 'stuff' will put a few pennies back into the UK economy, not enough to make a difference.

[Bad Dog]

1. Rich foreigners buy real estatye in the Capital all the time.

Usually it's Arab sheikhs. The real scandal is when they're just left to rot as a lot of them are.