INDUSTRY NEWS

Indonesian conglomerate buy Covent Garden office space in £85m deal

An Indonesian conglomerate has made its London debut in a £85m London office deal.

The Sinagpore listed firm Sinar Mas Land has agreed to purchase 8-18 Great Queen Street, also known as the New Brook Building, in Covent Garden.

The freehold Grade A property is 12 storeys in height and is connected to a nine-storey wing. In total, it offers around 99,911 sq ft of Covent Garden office space.

Sinar Mas Land Limited, previously known as AFP Properties Limited, has operations in Indonesia, China, Malaysia and Singapore. This purchase will be its first foray into the London property market and is expected to boost the firm’s portfolio of investment properties.

Last year Asian investors played a hugely significant part in pushing up London office sales. A number of big commercial properties sales by Asian firm’s saw sales sky-rocket to figures on a par with those before financial crisis.

Investors from Korea, Malaysia and China have all played a prominent role in the resurgence of the London market as of late; one of the most noticeable deals from last year was the £400m investment from Malaysian firms into the redevelopment of the Battersea Power Station in September 2012.

That trend looks to continue for the foreseeable future: Just over two weeks ago, Samsung SRA Asset Management purchased 30 Crown Place in London in a deal worth £142 on behalf of South Korean institutional investors.

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.