Chinese firm CIC close to deal for purchase of London office park

Visitors take in the view from the Shard during its inauguration in London. China Investment Corp is in talks to buy Deutsche Bank's headquarters building in the city to gain a stronger foothold in its property market. [Photo/Agencies]

LONDON -- China Investment Corporation, China's sovereign wealth fund, is close to a deal with US private equity group Blackstone on the acquisition of an office park in western London, local media reported on Monday.

The talks could be finalized before end of November, according to a Financial Times report.

According to the FT, the 32-acre Chiswick Park is valued at 800 million pounds. If successful, it would be the real estate deal with the highest value real closed by an investment arm of the CIC.

The deal is described as one of the largest office developments and the highest value real estate purchased made by an investment arm of the CIC.

Chinese investment in Britain rose to $4 billion?in 2012, up 80 percent from a year ago, with London being the destination of 60 percent of China outbound direct investment in Britain.