Sinarmas Land has proposed to acquire a UK company which owns the freehold property known as 32-50 Strand in London.
32-50 Strand is owned by LS City & West End Limited, a company incorporated in England and Wales.
The property is a prime commercial building that comprises 139,000 sq ft over 10 floors, including the basement and ground floor. It is located at the western end of the Strand and is close to the Charing Cross station and London’s Trafalgar Square.
Sinarmas Land, on May 12, announced that its wholly-owned subsidiary, SML Strand had entered into a sale and purchase agreement (SPA) with LS London Holdings One to purchase the entire stake of LS City & West End Limited for a consideration of £195 million ($334 million).
The consideration took into account various factors including income factors and prices of comparable assets transacted in the city of London.
Of the total consideration amount, a cash deposit of 5% was paid upon the signing of the agreement.
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The balance will be payable upon the completion of the acquisition, which is slated to take place on June 30.
LS London Holding One will become a subsidiary of Sinarmas Land upon the completion of the acquisition.
Shares in Sinarmas Land closed flat at 20.5 cents on May 12.
