Hong Kong investor buys London building for £260m

Hong Kong–based Emperor Group has exchanged contracts to buy the Ampersand building in London’s West End for £260 million ($324 million).

The seller is Hong Kong–based Peterson Group, which acquired the asset in 2013 for £121 million ($151 million), marking its debut real estate investment in London and Europe.

In 2015, Resolution Property completed the development of the 66,400-square-foot office and residential building. The property comprises four floors of class A office space and two penthouse floors containing 10 luxury apartments.

Following completion, Peterson Group owned Ampersand’s commercial floors, whereas Resolution Property retained and sold the penthouse apartments.

Peterson Group was founded in 1959 by Peter Pui Kam Yeung to sell Chinese embroidery to Europe. Since then, the group has expanded into a global hotel and real estate group.