Foreign Property News | Posted by Shwe Zin Win
A group of companies controlled by the son-in-law of Hong Kong’s richest man have become the latest Asian investors to bet on London property, as Magnificent Hotel Investments revealed to the city’s stock exchange recently.
MHI, which is led by William Cheng Kai-man, a son-in-law of Henderson Land Development chairman Lee Shau Kee, has purchased the former City of London police headquarters for £40 million, according to the regulatory filing.
The Hong Kong-listed hotel operator and developer, which is part of Cheng’s Shun Ho group of companies, completed the acquisition of the heritage property at 37 Wood Street on 29 January 2020 from the City of London Corporation via a public tender.
The company said in a joint statement with Hong Kong-listed Shun Ho Holdings and Shun Ho Properties – which has a controlling stake in Magnificent – that it intends to convert the City police station into a “deluxe heritage hotel” with about 200 rooms.
The acquisition marks the group’s second purchase in London following the acquisition of the Royal Scot Hotel Travelodge in 2016.
Cheng’s father-in-law, Lee Shau-kee was recognised by Forbes last week as Hong Kong’s richest man with a fortune of $30.4 billion — narrowly surpassing Li Ka-shing’s $29.4 billion horde.
Based on the gross internal area of 117,472 square feet (10,913 square metres), Magnificent has paid £341 per square foot for the 1960s-era building in the City’s Square Mile – London’s primary financial district.
Ref: Property Report
