China's HNA Group Monday announced that its wholly-owned subsidiary HNA Investment Holding Co, Ltd has acquired a building 30 South Colonnade in Canary Wharf, London, from KanAm Grund Group, a German real estate investment fund.
HNA Group said two counterparts signed the exchange of contracts at 40 Bank Street in Canary Wharf, London, on Aug. 28. The event marks the first major acquisition by HNA Group in London.
30 South Colonnade is a landmark office building at the core of Canary Wharf, one of London's major financial districts. It extends over 10 storeys, with a total area of 305,600 square feet and is the European headquarters for news agency Thomson Reuters, thus it is also named Reuters Building.
"As the largest economic center of Europe, London is recognized as the springboard for entering the European market," said HNA Group. Therefore, the acquisition is a significant step for building its European portfolio, and will also promote the international image of HNA.
HNA Group, founded in 1993, is a Chinese conglomerate encompassing core divisions of aviation, holdings, capital, tourism and logistics. HNA Investment Holding's businesses include project investment, asset management, fund management and trust business etc and it is becoming a diversified financing and operational platform for HNA Group.