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China Vanke acquires £115m London office

The property was sold by Henderson Global Investors, which suspended trading its open-ended UK property fund in the aftermath of Brexit.

Chinese developer China Vanke has acquired a London office from UK-based Henderson Global Investors for £115 million ($152 million; €135 million).

The Shenzhen-based group, which is listed on the Hong Kong Stock Exchange, has purchased Ryder Court in London’s Mayfair district. The office complex boasts a gross floor area of more than 70,000 square feet.

The deal is China Vanke’s second investment in London after the developer invested £30 million in the Stage Project in London’s Shoreditch in 2015.

Ryder Court was an investment in Henderson's £3.9 billion UK PAIF Property Fund, one of seven UK open-ended property funds that had suspended trading after the UK voted to leave the EU at the end of June.

Alongside Henderson in freezing redemptions was Standard Life, Columbia Threadneedle, Aviva Investors, M&G, Canada Life and Aberdeen Asset Management.

Since then, the affected firms have taken markedly different approaches in terms of deciding how to move forward. In August, Aviva Investors told investors they were likely to be locked into the firm’s £1.6 billion open-ended retail fund for between six months and eight months. In doing so they became the first of the affected firms to confirm that the fund suspension was not a short-term reactionary measure.

During the same month, Henderson announced its fund suspension would remain in place and would be reviewed every 28 days. In the immediate aftermath of the referendum, Aberdeen announced a 7 percent value adjustment on investor withdrawals, but it has since reduced this to 5 percent. M&G and Standard life have yet to announce their intensions regarding their suspended funds.