China's CC Land buys London skyscraper for £1.15b

[BENGALURU] CC Land Holdings Ltd, a firm run by Chinese property magnate Cheung Chung-kiu, has agree to pay £1.15 billion (S$2.027 billion) to buy London's "Cheesegrater" skyscraper, owners British Land and Oxford Properties said on Wednesday.

The sale of the Leadenhall Building, known as the Cheesegrater because of its wedge shape, will be slightly dilutive to British Land's earnings per share but accretive to its net asset value per share, the property company said.

British Land and Oxford Properties each own 50 per cent of the building. Oxford Properties invests in real estate for one of Canada's largest pension plans.

REUTERS