Chinese Estates buys Goldman's European HQ

14th January 2011, Comments 0 comments

Hong Kong-based property group Chinese Estates has bought a building in London which houses the European HQ of investment bank Goldman Sachs for 280 million pounds, an intermediary in the deal said Friday.

The group run by billionaire Joseph Lau has purchased River Court in Fleet Street, the largest of two buildings which house Goldman's European operations, according to Gresham Down Capital Partners, an investment consultancy.

Gresham Down said the deal, worth $445 million or 333 million euros, was "the largest direct purchase by the Chinese in the London commercial market so far".

It added that Chinese Estates fought off competition from bidders including US private equity firms and Far East and Middle Eastern sovereign wealth funds.

© 2011 AFP

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