China's sovereign wealth fund is nearing a deal to snap up London-based warehouse property giant Logicor for €12bn (£10.4bn).
Owned by private equity firm Blackstone, Logicor has reportedly attracted bids from global real estate investors including two Singapore state funds. If a deal goes through, it will be the second-largest European real estate transaction on record and one of the largest international deals made by China.
A deal is expected to be sealed as early as this week.
Earlier this year, Blackstone appointed bankers from Goldman Sachs, Bank of America Merrill Lynch, Citi and Morgan Stanley for a stock market London listing for Logicor. However, the plans were shelved following interest from China.
The news comes as Chinese investors mull bids for other British assets.
Earlier this month, it emerged that 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.
Blackstone declined to comment.