Jul. 6, 2010 (China Knowledge) - Chinese Estates Group, a leading property developer headquartered in Hong Kong, will spend £300 million to purchase Tower 42, the former NatWest skyscraper in London, from Hermes Real Estate and BlackRock's U.K. property fund.

After a three-month auction, the Hong Kong-listed firm will acquire the 600-foot tower near Bank of England, which will be the firm's first large commercial property deal in London.   

Chinese Estates Group is the parent of Chinese Estates Holdings Ltd<0127>, Chi Cheung Investment Co Ltd<0112> and G-Prop (Holdings) Ltd<0286>.

Reportedly, Chinese Estates Holdings intends to purchase a 50% stake in commercial properties in Shanghai from CSI Properties Ltd<0497> for HK$490 million.

The properties, which have a floor area of 43,336 square meters, include a 20-floor office building.