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Mainboard listed Sinarmas Land has completed the acquisition of 33 Horseferry Road, a freehold prime commercial building in Central London, for £188.6 million (S$337.6 million), it announced on Monday (3 July) in an SGX filing.
Prominently located within the heart of Victoria, one of the principal residential and commercial districts at Central London, the freehold building features a net leasable area of 180,600 sq ft, of which 163,761 sq ft are Grade A office accommodation spread across lower ground, ground and five upper floors.
The company revealed that all office floors are “serviced by a main central core, complemented by two additional East and West cores, allowing easily divisible floors”.
The ground floor of 33 Horseferry Road also features 16,839 sq ft of retail space that are spread across 10 units. The building also has 16 covered car parking spaces as well as bike storage facilities.
Sinarmas Land noted that the office space is let entirely to “the UK government’s Secretary of State for Transport with a weighted average lease expiry (WALE) of approximately 17 years”, while the retail space is fully leased to high quality tenants such as Pret A Manger, National Westminster Bank, Starbucks and William Hills.
All leases are operating under an agreement in which tenants undertake the full repairing and insuring obligation, relieving the landlord from all liability for the cost of repairs and insurances.
“We are of the view that the acquisition of 33 Horseferry Road will strengthen the group’s portfolio of investment properties,” said Sinarmas Land executive director and vice-chairman Margaretha Widjaja.
“Combining Warwick House, Alphabeta Building and 33 Horseferry Road, the group will own and asset-manage close to 500,000 sq ft of strategically located freehold commercial space in Central London with asset-under-management in excess of S$1.0 billion.”
Looking ahead, the group will “continue to seek investment opportunities in London, Europe and other global cities to further diversify our income streams which are presently derived principally from Indonesia,” she added.
This article was edited by Denise Djong.
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