Billionaire Leong said to buy RM1.4b London office

LONDONHong Kong billionaire Angela Leong (picture) has bought a historic building in London’s Aldwych district for about £250 million (RM1.42 billion), people with knowledge of the deal said.

Leong, who is married to casino magnate Stanley Ho, has completed the purchase of Aldwych House from Rowan Asset Management and GI Partners LLC, the people said, asking not to be identified because the deal is confidential. The 174,000 sq-ft (16,200 sq-m) building near Covent Garden has been leased to tenants including WeWork Cos and the ROKA restaurant after a recent modernisation.

Hong Kong investors have poured into London’s commercial real estate market following the Brexit vote, lured by the cheap pound and lower values than their domestic market. Chinese and Hong Kong buyers spent almost £4 billion on London commercial property in the first half of the year, up from £2.7 billion in the whole of 2016, according to data compiled by broker CBRE Group Inc.

Hong Kong-based LKK Health Products Group Ltd agreed to buy the tower known as the Walkie Talkie for £1.28 billion in July and Hong Kong real estate developer CC Land Holdings paid £1.15 billion for the Cheesegrater tower in May.

Leong, who has a net worth of US$3.7 billion (RM15.5 billion) according to the Bloomberg Billionaires Index, is ED of SJM Holdings Ltd, Macau’s third-largest casino operator by revenue. — Bloomberg