Lloyds sells its City headquarters to Chinese firm

Lloyds Banking Group has sold its London headquarters to a Chinese investment firm.

The bank will lease back its building at 25 Gresham Street for the next 20 years as part of the deal with Hengli Investments Holding. Lloyds did not disclose the sales price of the block.

Read more: Chinese property developer buys former Bear Stearns HQ for £270m

In 2016, Lloyds outlined a plan to sell off property assets; to save costs, it intends to sell 30 per cent of its non-branch store portfolio. The purchase is Hengli Investments Holding's first in the UK.

Several Chinese buyers have been looking at UK property since the devaluation of sterling. Earlier this week, it emerged that Chinese property developer Cheung Kei Group purchased Bear Stearns' former London headquarters for £270m from Said Holdings.

The group paid £846 per square foot for the 12-storey building in Canary Wharf.

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