HKMA buys half of tony London luxury development

Hanover Square Estate is located in the West End district.

The Hong Kong Monetary Authority has bought 50% of the Hanover Square Estate in London’s luxury-shopping district from Great Portland Estates Plc. The completed development, which is located between Bond Street and Hanover Square, could be valued at as much as US$764 million.

Real estate investment trust Great Portland sold the Hanover Square Estate site for US$325 million to a 50-50 joint venture with HKMA that will develop the property. The project will include 19,000 square meters of offices, stores and six apartments.