London's Big Deal
Lee Kum Kee Health Products Group purchased the Walkie-Talkie skyscraper in London from Land Securities Group and Canary Wharf Group for $1.68 billion - the highest price tag ever paid for single building in the U.K. The 37-story building at 20 Fenchurch Street has an unconventionally top-heavy bulbous shape, which earned the nickname Walkie-Talkie. Based in Hong Kong, the 129-year-old family business, Lee Kum Kee, specializes in oyster sauce, shrimp paste, and Chinese herbal medicine. The Walkie-Talkie is another trophy London building bought by investors from China, South Korea, Singapore, and Hong Kong. “Since the vote to leave the EU, capital targeting London from the Asia-Pacific region has increased to record levels,” says James Beckham, head of London capital markets at Cushman & Wakefield as reported by The Guardian. “This is partly due to currency fluctuations, but is more indicative of longer-term confidence in London and investment strategies, which are not derailed by short-term political uncertainty.”
Global Markets to Watch
Investors in Singapore are Asia's leading cross-border players and own 3,290 properties globally as of September 2017, according to Real Capital Analytics. In addition to core assets in gateway markets, Singapore investors hold property in student housing and manufactured homes. Geographically, their holdings are diversely invested in countries ranging from central and eastern Europe, Ireland, Spain, the U.S., and China.