Ho Bee Land buys Covent Garden property in London for $89.6m

SINGAPORE - Ho Bee Land has bought a freehold property, 60 St Martin's Lane, in London's Covent Garden district for £43.9 million (S$89.6 million).

"60 St Martin's Lane is a prime trophy office and retail building comprehensively redeveloped in 2011 behind a striking retained Portland Stone façade totaling 36,350 sq ft," Ho Bee said in a statement on Friday.

The building comprises six floors of high quality Grade A office space and a substantial retail and restaurant unit on the ground and lower ground floor levels.

The premises have been fully leased until 2026, producing a current annual rental income of approximately £1.67 million.

Ho Bee said it has paid a 10 per cent cash deposit on the property and the balance will be payable in cash on completion, which is scheduled on Nov 12.

The property is acquired for recurrent income and will be held as a long-term investment, the firm added.

The purchase will be financed by internal funds and bank borrowings and is not expected to have any material impact on Ho Bee's consolidated earnings per share and net tangible assets per share for the financial year ending Dec 31.