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One of London's tallest buildings, known as the Cheesegrater, has been sold to Chinese investors for £1.15bn.

British Land and Oxford Properties, which both own 50% of the wedge shaped skyscraper, say contracts have been exchanged with CC Land.

This is a company run by the Chinese property magnate Cheung Chung-Kiu, who holds just over half its shares.

The bid for the 225m high skyscraper exceeds the most recent valuation of £915m in September 2016.

Officially called The Leadenhall Building, the tower was completed in 2014 and has achieved record rents for the City of London.

With 46-floors, it is the tallest building in the City of London business district.

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The iconic building is the latest to be acquired by foreign investors and is one of the largest UK property deals so far by a Chinese investor.

CC Land bought Vodafone's Paddington Headquarters for £290m in January.

"British Land and Oxford Properties took a bold step at the early stages of the UK's economic recovery to develop The Leadenhall Building to generate a high-quality, long-term income stream," said Tim Roberts, the head of offices and residential at British Land.

"It's a decision that has really paid off."

The Cheesegrater deal is still subject to approval by CC Land shareholders but Mr Cheung Chung-Kiu holds approximately 50.4% of the company's shares through sole ownership of two major stakeholders, Fame Seeker Holdings and Thrivetrade.