Tower 42: Rich List Billionaire Eyes London City’s Tallest Skyscraper
Tower 42 – the tallest in the City of London – could have found a buyer in Chinese Estates Group, a property investment firm chaired by Hong Kong-based billionaire Joseph Lau.
The firm have reportedly entered into talks to buy the former NatWest tower, and recent reports state that Chinese Estates Group won a three-month auction to secure the landmark near the asking price of ┬ú300m.
Chairman Lau, who was featured in this year’s Sunday Times Rich List with an estimated wealth of ┬ú3.8bn, owns numerous properties throughout Hong Kong, but the purchase of Tower 42 would represent the first large property acquisition for Chinese Estates.
Several companies currently reside at the property, although the majority of their leases are due for renewal within the next few years, leaving the door open for the new owners to renegotiate more favourable terms and rental values.
Along with the tower, the sale is expected to include the Grade I listed Gibson banking hall along with a number of other properties in close proximity to the skyscraper.