SINGAPORE (July 29): Stamford Land Corporation and its executive chairman has acquired a London property for £260 million ($441.2 million) to augment its earnings.
Located at 8 Finsbury Circus, the freehold Grade A office and retail property has a net lettable area of about 180,000 sf, comprising 10 floors of Grade A commercial office units with ancillary retail units. The last redevelopment was completed in 2016.
The property is fully let out to one retail tenant and four office tenants. It has a weighted average unexpired lease term (WAULT) of nearly 14 years.
Stamford Land acquired a 60% stake in the property, while Ow Global, owned by executive chairman CK Ow acquired the remaining 40%.
Stamford Land owns and manages a chain of five-star hotels in Australia and New Zealand. The company also owns commercial properties and recently completed a 712-unit residential development in Sydney.
As at 12.47am, shares in Stamford Land were trading flat at 48 cents.
Read also:
![Stamford Land's proposed disposal of Sir Stamford in Sydney unable to proceed [update]](/_next/image?url=https%3A%2F%2Fedgemarkets-transferred.s3-ap-southeast-1.amazonaws.com%2FSir%2520Stamford%2520at%2520Circular%2520Quay_0_0_2.jpeg%3Fw8fhh_z_i8PXEHXanLWJwvafqTz7D0o8&w=3840&q=75)
![Stamford Land's proposed disposal of Sir Stamford in Sydney unable to proceed [update]](https://edgemarkets-transferred.s3-ap-southeast-1.amazonaws.com/Sir%20Stamford%20at%20Circular%20Quay_0_0_2.jpeg?w8fhh_z_i8PXEHXanLWJwvafqTz7D0o8)
