June 15, 2018 / 2:18 AM / 9 months ago

Hong Kong's Victor Li pays $1.3 billion for London office tower

Hutchison Whampoa Chairman Li Ka-shing (R) listens to his son Victor during a news conference announcing Hutchison Whampoa Ltd's interim results in Hong Kong August 2, 2012. REUTERS/Tyrone Siu

HONG KONG (Reuters) - Hong Kong tycoon Victor Li has bought a London office tower for 1 billion pounds (980.76 million pounds) as he expands his overseas portfolio after taking over the business empire of his billionaire father Li Ka-shing.

Property company British Land and a Singaporean wealth fund GIC said in a statement that they had sold 5 Broadgate to a subsidiary of Victor Li’s CK Asset Holdings (1113.HK).

The move comes days after Li’s CK Infrastructure Holdings (1038.HK) made a A$12.98 billion ($9.8 billion) takeover offer for Australia’s biggest gas pipeline company, APA Group (APA.AX), offering a hefty 33 percent premium to tap into a tight gas market.

The London building, completed in 2015, generated a property return of 18 percent per annum for British Land.

CK Asset first entered the UK property market in 1995, and has developed a number of residential and commercial properties, including Royal Gate Kensington, Montevetro, Belgravia Place and Albion Riverside in London.

Li Ka-shing handed over the keys of his empire, which includes CK Hutchison Holdings Ltd (0001.HK), to his elder son earlier this year.

Reporting By Anne Marie Roantree and Donny Kwok; Editing by Himani Sarkar

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