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C C Land units to buy London property for £290M

C C Land Holdings Ltd. agreed to acquire the freehold and leasehold interests in the 1 Kingdom Street office building in London's Paddington Central for roughly £290.0 million, subject to adjustment.

The company's two subsidiaries, Fortune Point Holdings Ltd. and City Planner Investments Ltd., signed a deal with KS Freehold Sàrl and Cityhold Participations Sàrl for the acquisition of all units in Paddington Central III Unit Trust, which owns the freehold interest in the property.

Fortune Point and City Planner Investments will acquire the office asset's leasehold interest by acquiring all of Cityhold Sterling Sàrl's shares in KS Leasehold Sàrl. C C Land said that the subsidiaries will purchase all units and shares in the target companies free from all encumbrances.

The 1 Kingdom St. office building's net internal area spans approximately 265,000 square feet of space. It has nine upper floors of grade A office space and two basement floors.

The company and its subsidiaries plan to use internal resources to fund the acquisition. The Hong Kong-listed developer said that the transaction will allow the group to diversify its investment portfolio in major gateway international cities such as London.