INDUSTRY NEWS

Chinese Estates makes offer on Tower 42

The Hong Kong-based Chinese Estates Group is reportedly offering a compelling £300 million cash to buy the prestigious Tower 42 in the City of London, formerly known as the NatWest Tower. The group is said to be negotiating exclusively for the deal at present.

Completed in 1980, the tower is currently the largest completed building in the Square Mile, standing at 183 metres tall. As such it is an enormous status symbol, though initially controversial for its planning requirements, and limited in its space due to the cantilevering approach around a central core taken by the architects.

The tower, which was put on the market three months ago, is home to 320,000 square feet of office space. London has recently become the target of much interest from property investors in China and the Far East, and as an architectural icon and £20 million income source, Tower 42 is one of the capital’s biggest prizes.

 

Image: Flickr (David Barrie)