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Hong Kong firm beats Brexit blues with record City skycraper deal

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MININEWS

MININEWS

A Hong Kong firm struck a record deal for a London skyscraper on Thursday amid a rise in foreign investment in property since the Brexit vote, but a slump in domestic demand hit the profits of real estate agent Foxtons.

Condiment-maker Lee Kum Kee, a family business that is best known for its oyster sauce, is buying up the building nicknamed the "Walkie Talkie" for £1.3 billion (1.5 billion euros, $1.7 billion), the highest price ever for an office building in Britain.

The iconic 34-storey skyscraper in London's insurance district, with three-tiered sky garden and restaurant on top, hit the headlines just after being built when it was blamed for damaging a car by reflecting the sun's rays.

"This is the UK's largest ever office deal," Cushman & Wakefield, a commercial property giant which advised on the deal, said in a statement.

"Since the vote to leave the EU, capital targeting London from the Asia-Pacific region has increased to record levels," said James Beckham, head of London capital (LSE: LCG.L - news) markets at the property company.

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