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Cheryl Arcibal

CK Asset Holdings has sold a prime London office tower for £1.2 billion (US$1.6 billion) less than four years after acquiring it, the flagship company of Hong Kong’s wealthiest tycoon Li Ka-shing said on Friday.
5 Broadgate, the London headquarters of Swiss investment bank UBS group, was bought by CK Asset in June 2018 for £1 billion, with proceeds from the sale of The Center office tower in Hong Kong.
CK Asset said it expected a gain of about £108 million from the sale, according to a filing to the Hong Kong stock exchange.
The company, in a separate statement, said the return on investment was 45 per cent, amounting to about HK$4.8 billion (US$614 million), as this took into account “rental income throughout the holding period, appreciation of the property value over the original cost and hedging profits relating to this investment”.

South Korea’s National Pension Service is the tower’s buyer.
With the disposal of the property, CK Asset “will continue to look for new investment opportunities in different markets around the world, including Hong Kong and mainland [China],” said Gerald Ma, a member of the company’s executive committee who led the transaction.
“The whole world is our potential market,” he added.
The disposal of the property comes on the heels of regulatory approval last week for CK Hutchison Holdings’ €3.7 billion sale of its mobile tower assets in the United Kingdom to Spanish mobile telephone infrastructure operator Cellnex Telecom.
CK Hutchison is the other flagship company controlled by the Li family and is chaired by Victor Li Tzar-kuoi, Li’s son.


The purchase of 5 Broadgate was one of the major acquisitions made by Victor Li in 2018 after taking over the helm of the CK Group from his father.
CK Asset acquired the then three-year-old building close to Liverpool Street railway station with a total gross area of 1.2 million square feet using the proceeds from the sale of The Center, which was sold to a consortium of mainland Chinese and Hong Kong investors for HK$40.2 billion, making it the world’s single priciest real estate transaction.
CK Asset’s shares closed about 1 per cent higher at HK$51.6 on Friday before the deal was announced.


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Cheung Kong

CK Asset sells London office block to South Korean pension fund for US$1.6 billion

CK Asset on Friday said that it had sold the 5 Broadgate office building next to Liverpool Street railway station in London. Photo: Handout

CK Asset Holdings said it expected a gain of about £108 million from the sale of 5 Broadgate. Photo: Bloomberg

Britain gives conditional approval for sale of CK Hutchison’s UK tower assets to Cellnex Telecom in US$4 billion deal

Cellnex will pay CK Hutchison in cash and shares. Photo: Nora Tam

A Cellnex site in Madrid. CK Hutchison Networks, a unit of CK Hutchison, agreed to sell its tower assets and businesses in Austria, Denmark, Ireland, Italy, Sweden and the UK to Cellnex in 2020 for a total consideration of €10 billion. Photo: Reuters

CK Asset plans to turn industrial zone near Hong Kong’s Sha Tin Racecourse into residential area with 4,700 flats, school

Image of Fo Tan Industrial area. Photo: SCMP Pictures

CK Asset raises share buyback by 14 per cent after asset injection from Li Ka Shing Foundation

Close up of a corporate flag outside the Cheung Kong Center photographed in Central. Photo: Dickson Lee

Hong Kong’s richest man Li Ka-shing. Photo: @lksfoundation/ Instagram

Richard Li’s FWD could file for US$1 billion Hong Kong IPO as early as Monday

A file photo of Richard Li Tzar-kai, who is also the younger son of Li Ka-shing, Hong Kong’s  richest man. Photo: Getty Images

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CK Asset Holdings had acquired 5 Broadgate for £1 billion in June 2018
It was the first major acquisition by Victor Li after taking over the company from his father Li Ka-shing


CK Asset Holdings bought 5 Broadgate, the London headquarters of UBS, with proceeds from the sale of The Center office tower in Hong Kong.


CK Asset sells London office block to South Korean pension fund for US$1.6 billion

CK Asset Holdings had acquired 5 Broadgate for £1 billion in June 2018 It was the first major acquisition by Victor Li after taking over the company from his father Li Ka-shing

CK Asset Holdings had acquired 5 Broadgate for £1 billion in June 2018

It was the first major acquisition by Victor Li after taking over the company from his father Li Ka-shing