Beijing Capital has bought a London office asset from .
The Chinese state-owned investor paid 拢65.5m (鈧�90m) for the Friary Court building in London鈥檚 City district.
Hamburg-based said it sold the asset to BCDH Capital Holding, which was acting on behalf of state-owned Beijing Capital Development Holding.
Warburg-HIH Invest, which held the asset in a closed-end fund, sold the building due to a 鈥渧ery favourable market situation鈥�.
A significant double-digit return on equity will be made by the sale, it said.
Andreas Schultz, managing director of Warburg-HIH Invest, said: 鈥淗aving acquired the property during a slow market cycle at the peak of the financial crisis, we now took advantage of the sellers鈥� market and sold the asset to a price exceeding about 50% the purchasing price we paid.
鈥淲e are very happy the appreciation the British pound realised against the euro since the property鈥檚 acquisition until now increases our investors鈥� success even more.
鈥淚nversely, the buyer may count on long-term security of income from the property because of the still long remaining lease term and the anticipated appreciation of the surrounding area due to several project developments.鈥�
HIH Global Invest, now Warburg-HIH Invest, bought the asset, let to law firm Holman Fenwick Willan, in 2009.
