Asian firms are ignoring Brexit and driving a property investment boom in London

pulse

July 10, 2017 9:36 AM

New data from Cushman & Wakefield shows Asia Pacific firms were the biggest investors in London residential and commercial property in the first half of 2017.

London's 'Cheesegrater' building.

Asia Pacific investment in London property is at a five-year high and accounted for almost half the deals in the first six months of 2017, according to research by real estate consultancy Cushman & Wakefield.

Asia Pacific firms spent more than $4.4 billion (£3.42 billion) on residential and commercial property in London in the six months to July, almost half of the $8.8 billion (£6.83 billion) total investment.

Investment from Europe came in second, despite the Brexit vote and aided by a weak sterling, with Germany spending the most of any European country on London property.

Compared to the same period last year, which saw deals totalling $7.45 billion (£5.78 billion), investment is up 18.5%.

Earlier this year Hong Kong property firm CC Land Holdings bought London's Leadenhall Bulding, or 'Cheesegrater', for £1.15 billion ($1.48 billion), the second biggest London property deal ever.

The Qatari government is one of the biggest landlords in London according to property investment researchers Datscha, since it is a co-owner of Canary Wharf Group estate, which owns the most property in London by square footage. Transport for London is the third biggest London landlord by square footage, with the Queen seventh.

Transport for London is the third biggest London landlord by square footage, with the Queen seventh.

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