Jakarta. Property giant Sinar Mas Land Limited has agreed to acquire an office building, in 32-50 Strand, London, for £195 million or about Rp 3.6 trillion, according to a press release.
This office building is currently owned by LS City and West End Limited of UK developer LandSec. Sinar Mas Land expects the acquisition process to be completed this month.
According to Sinar Mas Land, the acquired building spans 139,000 square feet, and comprises a ground floor, basement, and eight upper floors.
The building sits in the western part of Strand. It is also just across the Charing Cross railway station which is accessible by foot from Trafalgar Square London.
According to Sinar Mas Land director Herry Hendarta, the property acquisition is part of corporate efforts to boost the company’s overseas presence.
“It is also to diversify the investment portfolio of the Indonesia-based group. We are once again investing in the UK because Sinar Mas Land’s revenue from overseas properties mostly come from office rentals in London,” Herry was quoted as saying in a recent press release.
Since 2013, Sinar Mas Land has had a number of commercial property projects in London, among others, the Alphabeta Building which has an investment value of £280 million. As well as the £215 million-worth 33 Horseferry Road.
The Indonesian property behemoth has a number of residential and leisure projects overseas. Sinar Mas owns residential areas in China’s Taicang, Shenyang, and Chengdu which span 246,000 square meter. As well as a 300-hectare wide hotel and resort in Malaysia.
Sinar Mas Land has also acquired a property developer in the US to expand its global footprint, according to the press statement.