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Hong Kong's Victor Li pays $1.3 bln for London office tower

HONG KONG, June 15 (Reuters) - Hong Kong tycoon Victor Li has bought a London office tower for 1 billion pounds ($1.3 billion) as he expands his overseas portfolio after taking over the business empire of his billionaire father Li Ka-shing.

Property company British Land and a Singaporean wealth fund GIC said in a statement that they had sold 5 Broadgate to a subsidiary of Victor Li's CK Asset Holdings.

The move comes days after Li's CK Infrastructure Holdings made a A$12.98 billion ($9.8 billion) takeover offer for Australia's biggest gas pipeline company, APA Group , offering a hefty 33 percent premium to tap into a tight gas market.

The London building, completed in 2015, generated a property return of 18 percent per annum for British Land.

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CK Asset first entered the UK property market in 1995, and has developed a number of residential and commercial properties, including Royal Gate Kensington, Montevetro, Belgravia Place and Albion Riverside in London.

Li Ka-shing handed over the keys of his empire, which includes CK Hutchison Holdings Ltd, to his elder son earlier this year. ($1 = 0.7547 pounds) (Reporting By Anne Marie Roantree and Donny Kwok; Editing by Himani Sarkar)