Local developer Ho Bee Land on Tuesday (Dec 1) said it will buy its sixth office property in London for £99 million (S$210 million), continuing its expansion in the UK.
Called Apollo House and Lunar House, the property in Croydon, London comprises one 20-storey office building and one 22-storey building with a total 441,797 square feet of office space.
The site is designated in the London Borough of Croydon Local Plan as an area of high density. As the site is significantly large at 19,100 square metres, it offers the opportunity for a major refurbishment or redevelopment to maximise the current under-developed site.
The property is currently let in its entirety to the British Government in two separate leases until Jun 23, 2023.
“This acquisition is unique as it offers us recurrent income till 2023. In the interim, it allows us ample time to plan and maximise the development potential of the site,” Ho Bee Land chairman and CEO Chua Thian Poh said in a statement.
He added: “This is Ho Bee’s third major office acquisition this year and its sixth office building in London. The acquisition increases our investments in UK to about £600 million in the last three years and reflects our confidence in London’s commercial market.”
Source : Channel NewsAsia – 1 Dec 2015