Business reporter,London(wp/es):
A Singaporean investor on Friday said London will remain a “global financial hub”, after paying £385 million for the former home of the London Stock Exchange.
Singapore-listed City Developments has bought 125 Old Broad Street from private equity giant Blackstone, in one of the biggest single-building deals in the Square Mile this year.
The 26-storey 329,000-square-foot office building, previously known as Stock Exchange Tower, overlooks the Bank of England and is let to businesses including law firm King & Spalding and China International Capital Corporation.
The property was home to the LSE for more than 30 years until it relocated in 2004.
Frank Khoo, chief investment officer at City Developments, which was advised by property agent Cushman & Wakefield, said: “We have confidence in the long-term fundamentals of London as a global financial hub with a robust office market.”
The weaker pound since the EU referendum has made the capital a bargain to international buyers compared with rival cities.
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