UOL buys London commercial building for £98.75m

SINGAPORE - UOL Group has signed an agreement to buy a London property for £98.75 million (S$199 million) from UBS Central London Office Value Added Fund through a wholly-owned Hong Kong subsidiary.

110 High Holborn is located in the heart of London's Midtown, near West End and the Holborn underground station. It comprises offices together with retail space arranged over basement, ground and eight upper floors. The property has a net lettable space of about 10,900 square metres.

UOL has paid a deposit of £9.7 million with the balance payable upon completion of the deal, which is scheduled on or about June 15.

The company said the acquisition will be financed by internal resources and external borrowings and is not expected to have a material impact on the group's net tangible assets or earnings per share for the financial year ending Dec 31.