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Chinese Estates in pole position for £180M London buy

Hong-Kong-based Chinese Estates is forging ahead among a group of three Asian investors who are all trying to acquire 11-12 St James's Square in London, which is being sold by Malaysia's Employees Provident Fund at an asking price of £180 million, CoStar U.K. reported.

The Chinese investor beat rivals bids from Singapore's Pacific Eagle and Hong Kong investor Emperor Group, in a deal that would reflect a net initial yield of 4.25%, the March 30 report added.

Savills was appointed to market the property alongside Tower Bridge House, which is being put up for sale at approximately £200 million, representing an initial yield of 4.5%.