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CIC vies for office complex in London

By Hu Yuanyuan  (China Daily)

08:36, December 26, 2012

Deal could become biggest in UK realty market since financial crisis

China Investment Corp, the country's sovereign wealth fund, is reported to be among a trio of Asian investors vying to buy an 800 million pound ($1.3 billion) London office complex, in what could become the latest in an increasing number of international property deals by Chinese buyers.

According to the Financial Times, citing unnamed resources, the deal would be the United Kingdom's highest value property deal since the start of the financial crisis.

Other bidders for the 1.1-million-square-foot (102,193 square meters) development, Chiswick Park, which is owned by the US private equity firm Blackstone, include government-backed funds from South Korea and Malaysia, according to the report.

The buyers are attracted by what are considered bargain prices in the UK capital.

The continued appreciation of the renminbi has also made international purchases more appealing to Chinese buyers.

Blackstone bought the property from a British-led consortium involving Aberdeen Asset Management Plc, Schroders Plc and Stanhope Plc at the start of 2011 for 480 million pounds, the FT said.

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