Stamford Land has acquired a 60 percent stake in the grade-A commercial office property at 8 Finsbury Circus, in London, U.K., from Mitsubishi Estate London for 260 million British pounds (S$441.98 million or US$323.05 million) in cash, the property investment company said Friday.
The remaining 40 percent stake in the property will be acquired by Ow Global, which is owned by CK Ow, executive chairman of Stamford Land, Stamford Land said in a filing to SGX.
The property, which was completed in 2016, has a net lettable area of around 180,000 square feet over 10 floors, and it is fully let to one retail tenant and four office tenants, including “well-established investment houses,” Stamford Land said.
Stephen Down, head of central London Investment at Savills and adviser to the seller, said the property was the first new commercial office development in Finsbury Circus in more than 25 years.
“There was substantial international interest in this trophy asset. Ultimately, Stamford was selected for its short timeline to completion,” Down said.
S B Sim, director of Ow Global, said it was “most satisfying we succeeded to snag the most coveted property in the City of London” in the company’s first attempt to acquire property there.
“I attribute our win to a professional and focused team executing the due diligence and mustering the enormous amount of cash with clock-work precision,” she said. “Going forward, we continue to be on the look-out for more deals.”
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