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Hong Kong Monetary Authority buys in on London's West End property development

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November 7
2:07 PM 2013

The banking regulator of Hong Kong had recently purchased half of the total interest in a project in London's luxury shopping district. The shares were bought from Great Portland Estates PLC. Once completed, the development could be valued at GBP475 million or USD764 million.

Great Portland is a real estate investment trust that focuses on developments in London's posh West End district. The company had sold the Hanover Square Estate for a price tag of GBP202 million for a half and half venture with the Hong Kong Monetary Authority. The said development's purchase was confirmed by the London based company through an issued statement.

Included in the project would be 208,000 square feet or 19,000 square meters of space for offices, stores as well as six apartment sites for an area between Bond Street and Hanover Square. 

According to the statement, Great Portland CEO Toby Courtauld said through statement, "(The deal) is a strong endorsement of this project's proposal."

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