March 1, 2017 / 11:50 AM / 3 years ago

China's CC Land buys London skyscraper for 1.15 billion pounds

A British Union Jack flag and an European Union flag fly from a building, with the 'Gherkin' and Leadenhall Building skyscrapers seen in the City of London financial district in London, Britain, January 30, 2016. REUTERS/Toby Melville

(Reuters) - CC Land Holdings Ltd (1224.HK), a firm run by Chinese property magnate Cheung Chung-kiu, has agreed to pay 1.15 billion pounds to buy London’s “Cheesegrater” skyscraper, owners British Land (BLND.L) and Oxford Properties said on Wednesday.

The sale of the Leadenhall Building, known as the Cheesegrater because of its wedge shape, will be slightly dilutive to British Land’s earnings per share but accretive to its net asset value per share, the property company said.

British Land and Oxford Properties each own 50 percent of the building. Oxford Properties invests in real estate for one of Canada’s largest pension plans.

Reporting by Esha Vaish in Bengaluru; editing by Jason Neely and David Evans

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