Addleshaw Goddard’s Real Estate team has advised Hengli Investments Holding Group Limited on its landmark acquisition of the headquarters of Lloyds Banking Group, at 25 Gresham Street in London, EC2.
The deal, for one of the most recognisable buildings in the Gresham Street heartland of The City’s financial services district, has closed with a 20-year lease to the bank, and is the Hong Kong investor’s first UK purchase.
The property comprises approximately 119,742 square feet (11,124 square metres) of Grade A office accommodation, which has housed Lloyds since construction.
Hengli was also advised by Savills, while CBRE advised Lloyds Banking Group.
Chen Chang Wei, Chairman of Hengli Investments Holding (Group) Limited, comments: “This is a brilliant outcome after a lot of careful research and site inspections. As this is such a rare commercial property, we are particularly happy to have reached a swift mutual agreement with the seller, closing the tender in only a month. We will continue to consider any remarkable property investment opportunities locally and internationally.”
Iain Hindhaugh, Addleshaw Goddard’s lead partner advising on the transaction, says: “The team at AG is delighted to have advised on a deal involving such a prominent property. With geopolitical factors having the potential to dampen investment, it is encouraging to see that deals of this size and importance are still coming through, once again shining a light on London’s global appeal.”
Lee Sheldon, Addleshaw Goddard’s co-head of Real Estate, adds: “We are certainly seeing a continuing appetite for investment and the deal pipeline remains healthy despite tough market conditions. We are likely to see more transactions of a similar ilk in the coming months, with more money expected to pour into the UK, chiefly from Asia-based investors.”