INDUSTRY NEWS

Keppel Land acquires London office

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Keppel Land has bought an office building in central London from the Aberdeen Property Trust at a cost of £91 million.

Keppel Land is the property department of the Keppel Group and is one of Singapore’s largest companies working in offshore and marine,  and infrastructure as well as property. The company is most recognised for its work on residential and commercial developments.

The new office building is on King William Street close to the historical and financial sector of the city. Keppel Land have stated that this investment will be managed by its fund management subsidiary, Alpha Investment Partners.

Chief executive of the company, Ang Wee, stated: “With continued growth in the financial services and new emerging industries such as the technology, media and telecommunications sectors, the London office market is expected to remain healthy.”

Built in 1989, the London office space has a total area of 130,000 square feet, and is currently almost full with tenants who work in the financial sector, or shipping and serviced office sectors, according to Keppel.

The group stated, “This transaction is not expected to have any  impact on the net tangible asset per share or earnings per share of Keppel Land  for the current financial year.”

By Kirsty McGregor

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

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