Singapore Exchange (SGX) Mainboard-listed Stamford Land Corporation Limited (Stamford) and Ow Global Pte Ltd (Ow Global) have jointly completed the acquisition of a London-based mixed office and retail property for £260.00 million ($321.54 million).
Stamford will take up a 60 per cent stake in the property located on 8 Finsbury Circus, London, while Ow Global, owned by CK Ow, executive chairman of Stamford, will pick the remaining stake.
8 Finsbury Circus is a 10-storey freehold Grade ‘A’ commercial office building. The total floor area spans over 180,000 sq ft and is situated in London’s city core.
Mitsubishi Estate London, the previous owner, completed the redevelopment in 2016. The property is currently leased to one retail tenant, and four office tenants, including well-established investment houses.
The latest acquisition is in line with Stamford’s core business activities in property investment. The acquisition is also in line with Stamford’s strategy to actively seek new investments in developed countries to grow its earnings.
Stamford’s stock price was last quoted at S$0.480, down 0.5 Singapore cents, or minus 1.03 per cent at 1:22 pm SGT on July 29.