JAKARTA (TheInsiderStories) – Local property developer PT Sinar Mas Land through its subsidiary Sinarmas Land Ltd. (SGX: A26) has acquired 33 Horseferry Road, a main commercial building in London. The transaction was made in June 29, valuing for £188.6 million (equivalent Rp3.6 trillion).
Ferdinand Sadeli, Executive Director and Chief Financial Officer Sinarmas Land Limited said in a press statement, the company continues to remain positive on the long term outlook of London’s commercial property market.
He added, the unit of Sinar Mas Group continues to seek investment opportunities in London, Europe, and other global cities. Sinarmas Land Ltd. (SML) also has its property business in Indonesia, China, Malaysia, Singapore, and England.
33HF occupies a strategic location which is located in the heart of Victoria, one of the major commercial and residential areas in Central London, bordered by St. James in the northern region, Belgravia in the western region, Westminster in the east, and the river Thames in the south.
Historically, the area of Victoria earlier to the government center late due to its location adjacent to the Parliament, Downing Street and Whitehall. With an area of 16.778 square meters, commercial building consists of Grade A office buildings covering an area of 15,213 square meters on the ground floor below and five floors above it.
All floors of offices in this building is equipped by main area as well as two other complementary areas in the east and west. In addition, retail space 33HF has an area of 1,564 square meters, which is divided into 10 units which are all directly facing the street Horseferry.
The building is also equipped with 16 covered parking spaces and bicycle storage facilities, today the total area of land owned by the SML is an area of 46,000 sqm.
33HF is a rare investment opportunity for the whole The current office space has been leased by British Transport Ministry approximately 17 years. In addition, the retail area of the building has been leased to a number of prominent tenants National Westminster Bank, Pret A Manger, William Hills, and Starbucks.
In Dec. 2015, SML has acquired Alphabeta Building from institutional investor Resolution Property – its third such commercial property purchase in London for £258.7 million, following its acquisition of New Brook Buildings in May 2013 and Warwick House in September 2014. (It sold New Brook in Dec. 2015)
The completely refurbished Alphabeta Building has a net leasable area of 243,850 square feet spread over nine levels of Grade A office space from the lower-ground to the eighth floor. The building is located in eastern London, near the Shoreditch area, which is known for its creative and commercial innovation.
It is fully leased, and tenants include asset manager SEI, restaurant reservation service Open Table and Barry’s Bootcamp. All leases are operating on “triple net lease” agreements – meaning the tenants are responsible for all costs, including real estate taxes, building insurance and common area maintenance.
In mid May 2017, Sinar Mas Land acquired 970 shares of nominal value of Rp50,000 each fuly paid representing the entire shareholding in PT Sinar Medikamas Investindo (SMKI), for a total purchase consideration of Rp48.5 billion, resulting in SMKI becoming a subsidiary of the Group. The principal activity of SMKI is that of health care related business.
Sinar Mas Land, doing business for more than 40 years in Indonesia, has developed over 50 mega projects in the country. Its strategic partners are such as Sojitz Japan and Itochu-Japan, Hongkong Land, also local partners, Kompas Gramedia Group and Kalbe Group.
Its units in Indonesia are PT Bumi Serpong Damai Tbk (IDX: BSDE), PT Duta Pertiwi Tbk (IDX: DUTI), and PT Puradelta Lestari Tbk (IDX: DMAS), with combined market capitalization of more than S$6.0 billion.
SML listed on the Singapore Exchange and headquartered in Singapore, is engaged in the property business through its projects in Indonesia, China, Malaysia, Singapore and the UK. (CS)
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