Malaysians buy London City development

AlloyMtd Group, an infrastructure group headquartered in Kuala Lumpur, has purchased UBS’s development site at One Crown Place in Central London.

The acquisition was entered into between AlloyMtd (Jersey) Limited and Sun Street Properties Limited, both wholly-owned subsidiaries of AlloyMtd Group and UBS respectively.

The site in the London Borough of Hackney has planning consent for an iconic tower comprising around 35,000 m2 of office, hotel and retail space.

The property underwent a competitive bidding process, having been brought to the market in February by adviser CBRE.

Adrian Bunnis, executive director of CBRE’s City of London development team who was engaged by UBS said: ‘We received strong interest from various parties which demonstrates the renewed confidence in the City of London and its immediate environs.’

Azmil Khalid, president and CEO of AlloyMtd Group, commented: ‘'This transaction adds another feather in the cap for the Group in its venture of purchasing property and real estate development outside Asia, having recently acquired property in Los Angeles and San Diego, USA.’

AlloyMtd, through its subsidiary Metacorp, was an equal partner in the Spitalfields office development in London between 1996 and 2000.