This is the second purchase of prime London office building by the Group in the past four months, following the purchase of the Kaleidoscope building in Farringdon in September 2022 for £158.5 million. The two buildings are less than 1km apart in an area of the City of London that is becoming a major hub for legal, TMT and other multinational businesses.

"We're delighted to have acquired One New Street Square as it is located in the strategic Central London area offering best-in-class building specifications and attractive returns." said Chinachem Group's Executive Director and CEO Donald Choi. "This is an important step forward for the Group and we intend to hold the property as a long-term investment.

"While Hong Kong will remain our home, and our core market, we intend to incrementally increase the Group's exposure in gateway cities of major international markets, so as to fulfil our business diversification objectives and build a resilient, long-term income stream."

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References

1. ^{^} Media OutReach (www.media-outreach.com)