Cheung Kei Group has acquired prime commercial property in London's Canary Wharf finance district – the Hong Kong investor’s first real estate deal in the U.K. A major Swiss bank is behind the purchase.
Cheung Kei Group (CKG) was advised, among others, by Credit Suisse Asset Management's global real estate division.
The bank said its private bank in Asia and its Swiss-based asset management arm closely cooperated in closing the deal, which marks the Hong Kong investor's first British acquisition.
Brexit Moves
Global banks including J.P. Morgan and Goldman Sachs have revealed plans to minimize their staff in London by moving to Frankfurt, Paris or Dublin as a result of the Brexit vote. Many of them are also some of Canary Wharf's largest tenants.
Hong Kong- and Shenzen-based CKG is purchasing 20 Canada Square, a 12-story office Canary Wharf building currently occupied by S&P Global (formerly known as McGraw Hill) and oil firm BP. Credit Suisse itself is just across the square from the property. The Swiss bank is also looking to reduce headcount in London.
