Singapore-listed property company Ho Bee Land has within a matter of days acquired two office buildings in the West End of London for a total of £190 mln (€272 mln).
Singapore-listed property company Ho Bee Land has within a matter of days acquired two office buildings in the West End of London for a total of £190 mln (€272 mln).
On 4 August Ho Bee announced the acquisition of 110 Park Street in the Mayfair district of London from Aberdeen Asset Management. The property is intended as a long-term investment to provide Ho Bee with recurring income.
The investment volume came to £45.8 mln, reducing to £44.6 mln when rental guarantees and rental top-ups are included. The net passing rent is £2 mln per annum, reflecting a net initial yield of about 4.5% based on the net purchase price.
The property is a five-storey building which provides about 2,600 m2 of mullti-let Grade A office accommodation.
On 29 July Ho Bee acquired the Grade A office building at 39 Victoria Street, London SW1 from British Land for £144 mln. The net price amounted to £139 mln after deduction of the rent-free top-up.
The 10-storey office building was delivered by British Land in 2014. It comprises 9,100 m2 of gross leasable area, including retail space on the ground floor.
Ho Bee CEO Chua Thian Poh said that the two deals bring the company's total investment in London to £500 mln in the last two years.
