Chinese property developer buys former Bear Stearns HQ for £270m

Helen Cahill
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Building Development Along The Thames In East London
Commercial property has had a bumpy ride post-referendum (Source: Getty)

Chinese property firm Cheung Kei Group has bought Bear Stearns' former headquarters for £270m.

The property developer bought the Canary Wharf Tower, which is now largely leased to JP Morgan, from Said Holdings, according to the Financial Times.

Cheung Kei Group is paying £846 per square foot (sq ft) for the 12-storey building, which has 319,000 sq ft of office space in total.

Read more: Commercial real estate investors are ditching London for Germany

In a note on the commercial property market released today, Peel Hunt analysts said enthusiasm for the UK's commercial property market has waned, and that offices in central London would be impacted by a potential loss of the UK's access to the EU's Single Market.

"Brexit effectively ended the long commercial property bull market for mainline retail centres and London offices – the two biggest weightings in the listed sector, amounting to around half the entire sector’s market capitalisation," Peel Hunt said.

"The fortunes of the office sector over the coming 12 months are likely to be inextricably linked to success, or otherwise, of the ongoing negotiations with the EU."

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