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Hong Kong Magnate Reportedly Ponders Selling UBS's London HQ

Editorial Staff

15 June 2021

Hong Kong business magnate Li Ka-shing is reportedly thinking of selling the London headquarters of UBS.

The tycoon’s CK Asset Holdings is said to be in talks with several buyers for the Broadgate office building (Bloomberg, others). The property was purchased in 2018 for £1 billion ($1.4 billion).

The Hong Kong-listed developer will not sell the property if the offers do not exceed the purchase price, reports said. 

UBS is committed to being in 5 Broadgate until 2035, real estate investment trust British Land said in a 2018 statement. The Zurich-listed bank moved into the 700,000-square-feet space when the office building was completed in 2015. The property can accommodate 5,000 people across its 12 floors.

CK Asset has yet to reach an agreement with any of the potential buyers, Bloomberg reported, adding that CK Asset did not immediately respond to a request for comment.