Asian investors buy office buildings in London
In separate deals, two London office buildings are under contract to be sold for a total sales price of £458.7 million ($720 million).
Indonesia-based Sinar Mas Land has agreed to pay approximately £258.7 million ($406.1 million) to Resolution Property for the 243,850-square-foot office Alphabeta Building in City of London. The deal is expected to be completed in September 2015.
The 10-story building is located in eastern London, near the Shoreditch area, which is known for its creative and commercial innovation. The office building is fully leased on a triple-net basis, and major tenants include SEI, Silicon Valley Bank, Maxus Global, We Are Social and OpenTable.
Resolution bought the building, formerly known as Triton Court, in summer 2012 for £43 million ($67 million) from LPA receivers on behalf of HSH Nordbank, and carried out a comprehensive refurbishment and repositioning.
Alphabeta is the Sinar Mas Land’s third