Linklaters advises Chinese Estates' on first acquisition in London since 2011
Linklaters has acted for Chinese Estates’ on its acquisition of 14 St George Street, Mayfair, in what is believed to be the first deal since it acquired Goldman Sachs' HQ in Fleet Street for £300m in 2011.
The Mayfair office is the London headquarters of private bank Kleinwort Benson and was sold by Aberdeen for £121.7m bringing in a 3.5% yield. Designed by Eric Parry, the four-storey building comprises 51,861 square feet and is located on Bond Street, close to the entrance to the Elizabeth Line.
The deal was led by London real estate partner Andy Bruce with managing associate Matthew Topp. Elizabeth Conway, tax partner also assisted in the transaction.
Andy Bruce, Partner, Real Estate practice, said:
“Uncertainty around Brexit is having an knock-on effect on the pound and we continue to see a large amount of interest from overseas investors who are keen to invest in the UK property market. This investment is a significant acquisition for Chinese Estates and we are pleased to have been able to help them.”