Sinarmas Land acquires freehold commercial property in London

SINGAPORE - Mainboard-listed Sinarmas Land has bought a freehold prime commercial building in London for £57.28 million (S$125.52 million).

The property, 10 Great Pulteney Street, is located in Soho, the city's entertainment district.

It has "significant frontages to two of Soho's best known streets, Great Pulteney Street and Lexington Street", the company said in a statement.

The property is fully leased to global communications group Creston.

Under the lease agreement, the tenant is solely responsible for all costs relating to the property, including real estate taxes, building insurance and common area maintenance.

The building has 44,116 sq ft of Grade A office space and a self-contained five-unit residential block of 2,928 sq ft arranged over basement, ground and five upper floors.

Despite a slowdown in the global economy, the group has a positive outlook on Britain and believes the London commercial property market will remain resilient, said Mr Muktar Widjaja, the executive director and chief executive officer of Sinarmas Land.