SINGAPORE (July 29): Stamford Land Corporation and its executive chairman has acquired a London property for £260 million ($441.2 million) to augment its earnings.

Located at 8 Finsbury Circus, the freehold Grade A office and retail property has a net lettable area of about 180,000 sf, comprising 10 floors of Grade A commercial office units with ancillary retail units. The last redevelopment was completed in 2016.

The property is fully let out to one retail tenant and four office tenants. It has a weighted average unexpired lease term (WAULT) of nearly 14 years.

Stamford Land acquired a 60% stake in the property, while Ow Global, owned by executive chairman CK Ow acquired the remaining 40%.

Stamford Land owns and manages a chain of five-star hotels in Australia and New Zealand. The company also owns commercial properties and recently completed a 712-unit residential development in Sydney.

As at 12.47am, shares in Stamford Land were trading flat at 48 cents.

 

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