Member Article

Hong Kong investment firm snaps up City building let to the Bank of England

Asian Growth Properties (AGP), the Hong Kong-based property investors, have acquired 20 Moorgate in the City of London for approximately £154m.

The deal for the building, which was let to the Bank of England’s Prudential Regulatory Authority in May 2012, came about after previous owners Deutsche Fonds Holding AG instructed JLL and CBRE to find a buyer for the building.

Encompassing over 150,000 sq ft of office space, the property was touted as the only building in the Square Mile to boast a AAA covenant, the highest possible credit rating for a commercial tenant.

The seven storey building has been acquired Tycoon Honour Limited and Worthy Merit Limited, two investment holding companies that are wholly-owned by AGP.

AGP primarily focuses its investments on the Chinese property market; however, it said that there were no geographical limitations on its activities and that the Moorgate property was an ‘excellent opportunity’ to invest in a prime London location.

In a statement, the investment firm said: “It is the AGP Group’s strategy to review and optimise its property portfolio from time to time with a view to achieving the greatest value for its Shareholders.

“Following the disposal of several projects earlier this year, the Company has been identifying potential acquisition targets in both local and major international markets.

“The Acquisition is an excellent opportunity for the Company to acquire a high quality commercial property at a prime location in the City of London with a stable rental income.”

Prime property in the capital has become an increasingly tempting proposition for foreign investors after Brexit tensions have caused Sterling’s value to plummet in recent months.

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