CBRE Advises Industrial & Commercial bank of China on £16.5 Million New HQ
London, 27 July 2010 – CB Richard Ellis (CBRE) advised the Industrial & Commercial Bank of China (ICBC) on the freehold purchase of 81 King William Street, EC4 for £16.5 million from VTB Bank.
The bank will comprehensively refurbish the 40,000 sq ft space before occupying the building in 2011. The building will become the bank’s new headquarters. The building was formerly owned by and the London office of Moscow Narodny Bank which is now VTB Bank, Russia’s largest state owned bank. They vacated the premises at the end of 2009.
Stephen Pearson, Senior Director, City Capital Markets, CB Richard Ellis, said: “This is a significant Chinese deal for the City this year as we continue to see an increasing number of enquiries from occupiers and investors wishing to enter or expand into the London market. It is a sign that there is continued confidence in the market from overseas investors.”
Richard Zhang, China Desk, CB Richard Ellis, said: “We have developed some great relationships in the Chinese market and this deal demonstrates the importance of Chinese business to the London and UK economy.”
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