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Singapore-listed Sinarmas Land has purchased a prime freehold commercial property in London from General Electric Real Estate for £57.28 million (S$119 million).
Known as Warwick House, the office building is centrally located in Soho, one of London’s flourishing office sub-markets. Apart from fronting two of Soho’s best known roads, Lexington Street and Pulteney Street, the property’s location has attracted media giants such as Sony Pictures and 20th Century Fox, along with international advertising agency M&C Saatchi.
According to media reports, Warwick House is currently fully leased by global communications group Creston plc on a “triple net lease” agreement. This means, the tenant shoulders all incidental costs like building insurance, common area maintenance and property taxes on the leased asset.
“The Board of Directors of Sinarmas Land is of the view that this proposed acquisition will strengthen the Group’s portfolio of investment properties in London and further diversify its income streams which are derived principally from Indonesia,” it added.
The acquisition was funded by internal resources.
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this and other stories, email nikki@propertyguru.com.sg
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