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Sinarmas acquiresof property in London

JAKARTA. Sinarmas Group through its Singapore-based Sinarmas Land Ltd. has acquired a property in Central London worth £ 188.6 million (US$ 42.56 million).

Sinarmas acquired the property, 33 Horseferry Rd, owned by Horseferry Property Ltd. through share purchases on June 29.

“We are optimistic about the property market in London. It is an interesting opportunity as 33 Horseferry Rd is full of well-known tenants,” Sinarmas Land Ltd. chief financial officer Ferdinand Sadeli said in a statement on Monday.

The building is six stories, has a basement and a total area of 16,778 square meters, comprising 15,223 square meters of office area and 1,564 square meters of retail space.

The UK Department of Transport has a 17-year lease for the office area. Retail tenants include National Westminster Bank, Pret a Manger sandwich shop, Starbucks and William Hills bookmaker.

Tenants are on full repairing and insuring leases, which require them to carry out maintenance and insure their respective space.

With the acquisition, Sinarmas Land now controls 46,000 square meters of commercial space in Indonesia and abroad.

Source : The Jakarta Post

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