A Chinese property company has emerged as the frontrunner to buy Tower 42, the former NatWest skyscraper in the City of London, after winning a three- month auction with a cash bid of about £300m ($455m).
In a further sign of the interest among overseas investors in prime London property assets, Chinese Estates Group, which is chaired by Joseph Lau, the Hong Kong billionaire, is understood to have entered into exclusive negotiations to acquire the tower from its owners, Hermes Real Estate and BlackRock's UK property fund.
The 600ft tower near the Bank of England was the first modern skyscraper in the City and is occupied by a number of tenants. It was the tallest building in the Square Mile until the recent construction of the Heron Tower.
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