SG Realty: Sinarmas Land acquires London property; Ascott Residence divests China assets

Singapore city view. Photo: Bloomberg

Sinarmas Land has acquired a London property while Ascott Residence Trust has divested two China properties.

Sinarmas Land purchases London commercial property

Sinarmas Land has acquired 33 Horseferry Road, a prime commercial building in London, for a consideration of £188.6 million. The building is located in Victoria, a principle commercial and residential distr

The property has a net leasable area of 180,600 sf, with the freehold commercial building comprising 163,761 sf of Grade A office accommodation.

The office space is currently leased to the UK Government’s Secretary of State for Transport, with a weighted average lease expiry (WALE) of about 17 years. The retail accommodation is currently fully leased to high-quality tenants that include National Westminster Bank, Pret A Manger, William Hills and Starbucks.

Margaretha Widjaja, Sinarmas Land’s Executive Director, says, “Combining Warwick House, Alphabeta Building and 33 Horseferry Road, the group will own and asset-manage close to 500,000 sq ft of strategically located freehold commercial space in Central London with asset-under-management in excess of $1 billion.”

Ascott Residence Trust divest two China properties

Ascott Residence Trust is divesting its interests in two serviced residence properties in China – Citadines Biyun Shanghai and Citadines Gaoxin Xi’an – for an aggregate consideration of RMB 980 million.

Net sale proceeds, estimated at RMB 239 million, may be used to pare down the debt of Ascott REIT and its subsidiaries. Alternatively, these may be used to fund potential acquisitions and other general corporate purposes.

The conditional agreements are through Ascott REIT’s wholly-owned subsidiaries Biyun Investments (Hong Kong) and Gaoxin Investments (Hong Kong), which will divest their interests in Gain Mark Properties (Shanghai) and Citadines (Xi’an) Property Co., the companies holding the properties.

The divestments were made to unlock the value of the properties whose growth prospects are seen to be limited due to “changes in the operating environment” and will see the proceeds redeployed to other higher yielding assets.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.