Singapore-based investor Stamford Land Corporation has paid €284 mln for a mixed-use property in the City of London.
The company purchased 8 Finsbury Circus in the capital’s financial district from Japanese firm, Mitsubishi Estate.
Stamford partnered with Asian investor Ow Global in the transaction. The deal saw Stamford pay €170 mln cash, with Ow contributing €113 mln for a 40% stake. Ow is owned by Stamford Land’s executive chairman, tycoon Choi Kiat Ow.
The asset comprises a net lettable area of 16,723 m2, across 10 stories and generates around €12 mln rent a year. It is presently let to four office tenants and one retail tenant. The previous owner undertook a redevelopment of the building in 2016.
S B Sim, director of Ow Global said, 'Although this is the first acquisition in London, it is most satisfying that we succeeded in snagging the most coveted property in the City of London.
‘I attribute our win to a professional and focused team executing the due diligence and mustering the enormous amount of cash with clock-work precision. Going forward, we continue to be on the look-out for more deals.'
Savills advised Mitsubishi Estate in the deal. Stephen Down, head of central London investment at Savills, said: 'The property is the first new commercial office development on Finsbury Circus for over 25 years, and occupies a unique position overlooking the only garden square in the City of London.
'There was substantial international interest in this trophy asset. Ultimately, Stamford was selected for its short timeline to completion.'