The Hong Kong-backed organisation has owned the Broadgate building in London, home to UBS, since 2018.
Hong Kong-based CK Asset Holdings Ltd has sold the 5 Broadgate building used as the London headquarters for UBS. Media reports said the end-buyer was South Korea’s National Pension Service.
The transaction, which will not affect UBS, values the building at £1.21 billion ($1.59 billion). The sale comprises £729.17 million of cash, a statement from CK Asset Holdings said last week. The business is owned by Li Ka-Shing, one of Asia’s wealthiest men.
Explaining the sale decision, CK Asset Holdings said it expected to make a profit of about £108 million from its sale. The Hong Kong firm bought the Broadgate complex in June 2018 from GIC Pte and British Land Company Plc for £1 billion.
In its statement, CK Asset Holdings gave the identity of the buyer as Broadgate Five Holdings (Jersey) Limited.
UBS declined to comment when contacted by WealthBriefing on the matter.