Hong Kong’s Richest Man Sells $1.5 Billion London Office Tower

A billion-pound central London office tower has become the latest British asset disposed of by Hong Kong’s richest man, after a local subsidiary of Li Ka-shing’s CK Asset Holdings Ltd. sold the 5 Broadgate complex for a 45% return on investment.

A subsidiary of South Korea’s public pension fund paid CK Steel (UK) Ltd. 1.2 billion pounds ($1.56 billion) for the block, purchased for 1 billion pounds three and a half years ago, according to a Friday exchange filing. CK Asset’s calculation of the return included rental income and hedging profits.