Sunday, Mar 29, 2015Sunday, Mar 29, 2015

Ho Bee Land picks up second property in London for $361.5m

Published on Mar 7, 2014 10:23 AM

Property developer Ho Bee Land has agreed to buy a freehold property in London for 171 million pounds (S$361.5 million).

The property, 1 St Martin's Le Grand, is located to the west of the core of the City of London, about 200m north of the London Stock Exchange, Ho Bee said on Friday.

It has about 276,792 sq ft of Grade A office and accommodation space over 11 levels, including a basement. The purchase price works out to about 618 pounds per sq ft.

The building is currently leased to five tenants: Mitsui & Co Europe, Pyramis Global Advisors, Julius Baer International, SS&C Technologies and Nomura International. The average lease is eight years before break options and 12 years before expiry.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!