Fo­sun poised to ac­quire Lon­don com­plex

China Daily (Canada) - - LIFE - By SHI JING in Shang­hai shi­jing@chi­nadaily.com.cn

Chi­nese in­vest­ment con­glom­er­ate Fo­sun In­ter­na­tional Ltd, founded by “the Chi­nese War­ren Buf­fett” Guo Guangchang, is be­lieved to be speed­ing up its overseas ex­pan­sion with its lat­est ac­qui­si­tion in Lon­don.

A re­cent Reuters re­port said that Fo­sun is set to close the ac­qui­si­tion of the Thomas More Square com­plex in Lon­don for around 300 mil­lion pounds ($426.4 mil­lion).

The com­plex, which was built in 1990, is lo­cated on the edge of the City of Lon­don, and ad­ja­cent to St Kather­ine Docks in­Wap­ping on the north of the River Thames as well as Lon­don City Air­port. The ma­jor­ity of its ten­ants since 2014 have been Ru­pert Mur­doch’s News Corp busi­nesses.

Ac­cord­ing to Land Se­cu­ri­ties Group Plc, the largest com­mer­cial prop­erty com­pany in the United King­dom, which cur­rently holds 100 per­cent of the Thomas More Square com­plex, its mar­ket value is es­ti­mated be­tween 100 mil­lion pounds and 200 mil­lion pounds. The an­nu­al­ized net rent is around 9.7 mil­lion pounds.

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