Lloyds Banking Group has sold its London headquarters to a Chinese investment firm.
The bank will lease back its building at 25 Gresham Street for the next 20 years as part of the deal with Hengli Investments Holding. Lloyds did not disclose the sales price of the block.
In 2016, Lloyds outlined a plan to sell off property assets; to save costs, it intends to sell 30 per cent of its non-branch store portfolio. Savills advised Hengli Investments Holding on the purchase, which is the first property deal made by the firm in the UK.
Chen Chang Wei, chairman of Hengli Investments Holding, said: “This is a brilliant outcome after a lot of careful research and site inspections.
"As this is such a rare commercial property, we are particularly happy to have reached a swift mutual agreement with the seller, closing the tender in only a month. We will continue to consider any remarkable property investment opportunities locally and internationally.”
Several Chinese buyers have been looking at UK property since the devaluation of sterling. Earlier this week, it emerged that Chinese property developer Cheung Kei Group purchased Bear Stearns' former London headquarters for £270m from Said Holdings.
The group paid £846 per square foot for the 12-storey building in Canary Wharf.