Shimao Group sells grade-A office building in London for $395m

Shimao Group has sold a 303,000-square-foot, grade-A office building in London for £315 million ($396 million), according to Mingtiandi. The buyer was a joint venture consisting of Greycoat and Japan’s Mitsui Fudosan.

Shimao acquired the 2000-vintage property eight years ago. It was fully leased to Goldman Sachs through 2025, although the investment bank had an option to break that lease in 2020. Goldman did so after the opening of its Plumtree Court headquarters in 2019 and the building is now believed to be half-occupied.

On April 28, Shimao released its audited financial results of Shanghai Shimao Co., the company’s primary onshore unit, for the year ending Dec. 31, 2022. The company reported a total comprehensive (loss)/income of RMB 5.1 billion ($734 million) in 2022, attributable to equity holders of Shanghai Shimao.