Ropemaker Place
17/06/2018 by Buildington
Ho Bee Land Limited announces that its wholly-owned subsidiary, Grandeur Property Investments Ltd has successfully completed the acquisition of Frasia Properties S.à.r.l FPS for £650 million (approximately S$1.16 billion).

AXA Investment Managers – Real Assets is the manager of FPS, which is registered in Luxembourg and owns a freehold property at 25 Ropemaker Street.

The 21-storey Grade A office tower with three basements was developed by British Land in May 2009 to best-in-class standards and comprises a rentable area of about 602,000sq ft. The Property has a BREEAM Excellent sustainability rating and was the first building in the City of London to achieve a LEED Platinum pre-certification for sustainability.

Ropemaker Place is currently multi-let to good S&P credit rated tenants with a weighted average lease term of 10.5 years to expiry and 8.5 years to break option. The annual rental income is c. £30.57 million (approximately S$55.0 million).

Chairman and Chief Executive Officer of Ho Bee Land, Mr. Chua Thian Poh said: “Despite Brexit, London has proven resilient and maintained its position as the world’s top financial city ahead of New York. We remain confident of the long-term prospects of London. The Brexit uncertainty has, in fact, provided us with the opportunity to suss out excellent investment opportunities like Ropemaker Place. With its excellent quality and connectivity, especially after the completion of the Crossrail, the attraction of Ropemaker Place will be further enhanced. We are
delighted to add this landmark office tower into our office portfolio in London.”

“With the acquisition of Ropemaker Place, our total investment in
London has risen to S$2.4 billion. This constitutes 41% of the Group’s total investment portfolio. The acquisition allows the Group to substantially grow its robust and sustainable recurrent income base.”

Ho Bee Land’s London advisory team in this transaction included Dentons, Deloitte and Savills.
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