Real Estate
Hong Kong-Based Group Sells UBS's London HQ
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The Hong Kong-backed organisation has owned the Broadgate building in London, home to UBS, since 2018.
Hong Kong-based CK Asset Holdings Ltd has sold the 5 Broadgate building used as the London headquarters for UBS. Media reports said the end-buyer was South Korea’s National Pension Service.
The transaction, which will not affect UBS, values the building
at £1.21 billion ($1.59 billion). The sale comprises £729.17
million of cash, a statement from CK Asset Holdings said last
week. The business is owned by Li Ka-Shing, one of Asia’s
wealthiest men.
Explaining the sale decision, CK Asset Holdings said it expected
to make a profit of about £108 million from its sale. The
Hong Kong firm bought the Broadgate complex in June 2018
from GIC Pte and British Land Company Plc for £1 billion.
In its statement, CK Asset Holdings gave the identity of the
buyer as Broadgate Five Holdings (Jersey) Limited.
UBS declined to comment when contacted by WealthBriefing
on the matter.
