Two Singapore-listed real estate firms have joined forces to acquire an office and retail block in London's Midtown for £230 mln (€263 mln).
The partners, UOL Group Limited and UIC Overseas Investments, are acting through a 50:50 joint venture called United Venture Investments HI or UVIHI, to buy the 32,500 m2 property at 120 Holborn, in the Farringdon area of the City of London.
The joint venture has paid a deposit equal to 10% of the agreed price and the balance is payable on completion, which is scheduled for 10 November 2016. The acquisition
will be financed by internal resources and external borrowings, UOL said in a statement.
The vendors are Holborn Management Limited and 120 Holborn Propco Limited. The property comprises some 18,300 m2 of office space and 14,100 m2 of retail premises. The freehold asset is located in Farringdon and is within walking distance to two tube stations – 100 metres to Chancery Lane Tube Station and 300 metres to Farringdon Tube Station interchange and the upcoming Cross Rail.
'The purchase price was arrived at on a willing-buyer and willing-seller basis taking into consideration various commercial factors, including the location and potential of the property and prevailing market conditions,' the buyers said.
