The Chinese billionaire who bought the Cheesegrater wants to snap up the Walkie Talkie in a £600m deal

 
Shruti Tripathi Chopra
Follow Shruti
Inside The City Of London's New Landmark Skyscraper
Land Securities is the developer behind the Walkie Talkie skyscraper in the City (Source: Getty)

Chinese property tycoon Cheung Chung Kiu is considering a £600m deal to buy a 50 per cent stake in the Walkie Talkie tower in London.

Kiu's Hong Kong-listed property company CC Land could snap up a 50 per cent stake in the iconic London skyscraper from the Canary Wharf Group. CC Land also bought the Cheesegrater, the tallest building in the City, for £1.15bn in March in the biggest sale of a single building in the UK since 2014.

Kiu could have to compete with other Asian bidders including Singaporean sovereign wealth fund Temasek and food giant Lee Kum Kee, the London Evening Standard reported.

The Walkie Talkie's co-owner Land Securities is not interested in selling its stake. The developer today revealed its "revenue profit", a measure of underlying pre-tax profit that excludes all capital items, stood at £382m in the year to 31 March compared with £362m in 2015-16.

Read more: Seven insane skyscrapers that could be the answer to the world’s problems

Lee Kum Kee is also eyeing a bid to buy iconic London tower the Gherkin, it emerged today.

The group is considering an offer for at a yield of less than four per cent and is in talks with its agents CBRE for the deal, according to the Financial Times.

In December, Lee Kum Kee bought 3 Harbour Exchange, an office building in the South Quay area of the Docklands.

CBRE, property advisers to the Gherkin and the Cheesegrater, declined to comment.