British Land in talks to sell Cheesegrater

British Land has confirmed it is close to completing a sale of its “Cheesegrater” skyscraper, the tallest building in the city of London, to a Chinese property magnate in what is expected to be London’s biggest single property sale since 2014.

In an announcement on Tuesday morning, British Land said it and its joint venture partner Oxford Properties are in “advanced discussions” to sell the tower, officially called the Leadenhall Building.

British Land has been expected to sell its stake in the building for a number of months to help finance the construction of a new building close to the Liverpool Street railway station.

Property publication CoStar News reported that the company is in discussions with CC Land, the investment vehicle of Chinese property magnate Cheung Chung Kiu, in a deal expected to be worth around £1bn.

The prospective sale, as Brexit casts a shadow over London’s commercial property industry, follows Great Portland Estates’ announcement earlier this month that it will sell its largest ever development project at a discount to its most recent valuation.