British Land closing in on Cheesegrater sale, Chinese buyer rumoured

British Land confirms that it and its joint venture partner, Oxford Properties, are in advanced discussions regarding the possible sale of their interests in the Leadenhall Building, known as The Cheesegrater.

British Land and Toronto-based Oxford Properties currently own the City of London skyscraper, situated at 122 Leadenhall St in the Square Mile, in a 50/50 joint venture.

"It is not certain that these discussions will lead to a sale of the building. Further announcements will be made as appropriate," British Land said in a statement.

Reports stated that investment company of Chinese property magnate Cheung Chung Kiu was the likely buyer, with the Cheesegrater potentially changing hands for about £1.02bn ($1.3bn).

CoStar News reported that the deal would be the biggest single property purchase in the UK since 2014, without citing the source of the information.

Other bidders included state-owned Korea Investment and Temasek Holdings of Singapore, the report said.

The Cheesegrater has drummed up sky-high rents, with floor space topping £100 per square foot with tenants including Aon and Amlin.

British Land has stated that it plans to use the money raised from the sale to finance the construction of the Broadgate office building next to Liverpool Street station.