Ho Bee Land buys Grade A commercial property in London for $228 mil
By Angela Teo
/ The Edge Property |
Stream Field Investments, a wholly-owned subsidiary of Ho Bee Land, has acquired Emmatown Properties from Dublin-based developer Green Property Holdings for £129.3 million ($228 million). Following the acquisition, Ho Bee Land now owns Emmatown Properties’ Grade A commercial building located at 67 Lombard Street (below) in London.
67 Lombard Street is a 94,000 sq ft mixed-use building that houses 93,640 sq ft of commercial space, a restaurant and accommodation. The nine-storey property, redeveloped by Green Property Holdings in 2014, is about 100m from the Bank of England and the Royal Exchange.
The property is 100% leased to six tenants, with Arthur J Gallagher as the anchor tenant occupying more than 50% of the office space. Besides total annual rental income of about £5.3 million, it has a weighted average unexpired lease term of 10.2 years. The sale of the property was brokered by CBRE and Cushman & Wakefield.
Source: CBRE, Cushman & Wakefield
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