Fosun poised to acquire London complex
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.