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Singapore-listed Ho Bee Land’s wholly-owned subsidiary has entered into a sale and purchase agreement to acquire a freehold office building in prime central London for £144 million (S$308 million).
Located at 39 Victoria Street, London, the 10-storey Grade A office building offers 98,000 sq ft including a retail space on the ground floor. It is currently fully-let to the Corporate Office of the House of Commons until September 2029 with a break option in July 2026.
Ho Bee Land chairman and CEO Chua Thian Poh said: “The acquisition of 39 Victoria Street marks the fourth major office acquisitions in the U.K. by the Group in recent times. We are confident with the office market in London. In the short to medium term, with the restricted supply and low vacancy rate, we believe there will be potential upside on rental and capital values,” adding that the acquisition is part of the group’s diversification overseas to achieve profit growth.
According to the company’s press release, the transaction is not expected have any material impact on the consolidated earnings per share and net tangible assets per share of Ho Bee Land for the current financial year.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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