Hong Kong billionaire Samuel Tak Lee eyes Chinatown and Carnaby Street owner Shaftesbury

 
Shruti Tripathi Chopra
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Hong Kong billionaire Samuel Tak Lee could acquire Chinatown owner Shaftesbury (Source: Getty)

Shaftesbury, the property giant behind London attractions including Carnaby Street and Chinatown, could become a takeover target as a key shareholder is gradually building his stake.

Samuel Tak Lee, a Hong Kong billionaire, has been increasing his stake in Shaftesbury after the slump in the value of the pound following the Brexit vote.

Read more: West End property has been hit despite surge in Chinese investment

Lee’s stake in the property firm now stands at 20 per cent, up from 18 per cent last month.

Shaftesbury and its brokers including JP Morgan Cazenove and Liberum, are believed to be expecting a takeover bid from Lee, the Sunday Times reported.

In July 2015, Lee offered to buy 9.3 per cent of Shaftesbury. However, his bid was rejected by the board as the offer was reportedly just over two per cent of the property company’s share price at the time.

Read more: Commercial property investment in London's West End hits record high

The property magnate is most known for his purchase of London’s historic Langham Estate, 14 acres of prime real estate in Fitzrovia, for $75m (£60m) in 1994.

Shaftesbury, JP Morgan Cazenove and Liberum were not available to comment.

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