'Cheesegrater' building sold to Chinese investors for £1.15bn

One of London's tallest buildings, known as the Cheesegrater, has been sold to Chinese investors for £1.15bn.

British Land and Oxford Properties, which both own 50% of the wedge shaped skyscraper, say contracts have been exchanged with CC Land.

This is a company run by the Chinese property magnate Cheung Chung-Kiu, who holds just over half its shares.

The bid for the 225m high skyscraper exceeds the most recent valuation of £915m in September 2016.

Officially called The Leadenhall Building, the tower was completed in 2014 and has achieved record rents for the City of London.

With 46-floors, it is the tallest building in the City of London business district.

The iconic building is the latest to be acquired by foreign investors and is one of the largest UK property deals so far by a Chinese investor.

CC Land bought Vodafone's Paddington Headquarters for £290m in January.

"British Land and Oxford Properties took a bold step at the early stages of the UK's economic recovery to develop The Leadenhall Building to generate a high-quality, long-term income stream," said Tim Roberts, the head of offices and residential at British Land.

"It's a decision that has really paid off."

The Cheesegrater deal is still subject to approval by CC Land shareholders but Mr Cheung Chung-Kiu holds approximately 50.4% of the company's shares through sole ownership of two major stakeholders, Fame Seeker Holdings and Thrivetrade.