Singapore investor invests in London office asset
Singapore Warehouse Co., a subsidiary of Singapore-listed property investor Hwa Hong Corp., is in contract to acquire a 50 percent stake in a London office building located at 3–7 Herbal Hill for £24.7 million ($35.6 million). The property has a total value of £49.7 million ($71.2 million). The seller is CGIS Herbal Hill, which consists of Capital Herbal Ltd., DR Trust and Langland Estates. Following the sale of a 50 percent interest in the building, DR Trust will own a 45 percent stake in the asset and Langland Estates will own the remaining stake. The 32,935-square-foot office property consists of seven floors of office space and is leased 100 percent to Guardian News and Media until June 2019. The deal is in line with Hwa Hong’s strategy to seek value-added opportunities in the central London property market for recurrent rental income and long-term investment.