Arbuthnot Latham & Co. has agreed a deal to acquire the freehold of a London office building. The deal is worth around Â£15.7 million.
Located at 7-21 Wilson Street, the property is composed of 38,000 sq ft of office space. The company have made a move to purchase the freehold for the Wilson Street property with the intention of using it as a main office, as well as the head office for its Arbuthnot Banking Group PLC.
The group currently occupies 20 Ropemaker Street; however, in light of this potential acquisition Arbuthnot Banking Group PLC is expected to exercise the break option in its leasehold and make the move to Wilson Street in June 2015.
Chairman and CEO of Arbuthnot Banking Group PLC, Henry Angest, commented on theÂ acquisition.
He stated: “Up until December 2006 the Group operated from its own freehold premises. In line with our long term approach to developing the Group we believe it is beneficial to have full control over our property interests and that this can only be achieved through the ownership of freehold property.
“I am, therefore, delighted that we have managed to acquire again freehold offices which meet our requirements,” Mr Angest concluded.
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