Stamford Land Corporation Ltd., listed on the mainboard of Stock Exchange of Singapore has 8 Finsbury Circus, Grade A commercial office property in London, UK, with Ow Global Pte. Ltd. from Mitsubishi Estate London for £260 million, according to a stock exchange announcement.
The Grade A commercial office and retail property in London has approximately 180,000 sq ft net lettable area of approximately 180,000 sq ft, arranged over a total of 10 floors. Mitsubishi Estate London, the previous owner, completed its redevelopment in 2016.
8 Finsbury Circus is fully let to 1 retail tenant and 4 office tenants, including well-established investment houses, and provides a WAULT of close to 14 years. Stephen Down, Head of Central London Investment at Savills, who advised the vendor, describes the property as being ’best in class’.
“It is the first new commercial office development on Finsbury Circus for over 25 years, and occupies a unique position overlooking the only garden square in the City of London. There was substantial international interest in this trophy asset. Ultimately, Stamford was selected for its short timeline to completion,” he said.
Ms S B Sim, Director of Ow Global commented, “Although this is the first acquisition (in fact first attempt) in London, it is most satisfying we succeeded to snag the most coveted property in the City of London. I attribute our win to a professional and focused team executing the due diligence and mustering the enormous amount of cash with clock-work precision. Going forward, we continue to be on the look-out for more deals.”
Besides owning and managing its own chain of 5-Star hotels in Australia and New Zealand, Stamford Land also owns commercial properties and recently successfully completed a 712-unit residential development in Sydney.