The former home of the London Stock Exchange has changed hands in the recent example of Asian investors taking advantage of Brexit uncertainty to swoop on City real estate.

Singapore's City Developments Limited has paid £ 385m for 125 Old Broad Street, a 26-floor 1970s office tower that housed the London Stock Exchange until 2004.

Tenants in the office today include property agency Cushman & Wakefield, King & Spalding and China International Capital Corporation, according to CDL's announcement of the deal.

The building last traded in 2014, when private equity group Blackstone paid £ 320m to buy it from Brookfield Property Partners.

Frank Khoo, Chief Investment Officer at CDL, said: "We have confidence in the long-term fundamentals of London as a global financial hub with a robust office market. The short term uncertainties surrounding Brexit have opportunities to acquire assets with deep value. "

Khoo's words echo those of Chua Thian, chief executive of fellow Singaporean property investor Ho Bee Land, which paid £ 650m in June to buy Ropemaker Place, at office development near Moorgate.

Announcing that deal, Thian said: "Despite Brexit, London has proved resilient and maintained its position as the world's top financial city ahead of New York … The Brexit uncertainty has, in fact, provided the opportunity to suss out excellent investment opportunities . "

Asian buyers have struck several notable deals for London office buildings since the UK voted in favor of the European Union in 2016, advising by better returns than they typically find in their domestic market, not to mention a weakened pound.

Recent big-ticket deals include Hong Kong's CK Asset Holdings' £ 1bn acquisition of 5 Broadgate, home to UBS, and Korea's National Pension Service's agreement to buy Goldman Sachs's new London office for £ 1.2bn, leasing it back to the US bank.

Analysts at Savills, an agency that could predict the investment in the Square Mile's office market, could reach £ 12bn in 2018, close to last year's record of £ 12.6bn.

Of the £ 8.6bn During the first nine months of the year, Savills said, some 57% came from Asian investors. UK buyers are the most active by number of transactions.

To contact the author of this story with feedback or news, email Tim Burke

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