British Land and GIC completed the sale of the flagship ‘groundscraper’ 5 Broadgate to CK Asset Holdings for £1bn.

The unique City building, comprising 700,000 sq ft over 12 storeys, is the London HQ of Swiss bank UBS on a lease extending to 2035.

In March this year, the Hong Kong developer announced it had itself sold the building to LaSalle IM and the South Korean national pension fund for around £1.2bn, the biggest office deal in London in five years.

The sale is seen as part of a trend of Chinese- and Hong Kong-based investors divesting commercial property in London.