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Keppel Land to acquire freehold office building in London’s CBD for $186 million

February 9, 2015 7:13 PM SGT

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SINGAPORE (Feb 9): Keppel Land has entered into a sale and purchase agreement with Aberdeen Property Trust to acquire a freehold nine-storey office building at 75 King William Street in London for GBP 91 million ($186 million).

The property is in close to Bank Junction, London’s historic and financial centre, where the Bank of England and other prominent financial institutions are also located.

Completed in 1989, the building, with a total internal area of 130,000 sq ft, is almost 100% occupied by tenants in the financial services, shipping and serviced office industries.

The property is less than a five-minute walk to the Bank tube station, Monument and Cannon Street stations. It is also about a 12-15 minute walk to the Liverpool station which is part of the network on the upcoming Crossrail, which will provide a high-speed train service offering more direct journeys across the east-west axis of London when completed in 2018.

Ang Wee Gee, CEO of Keppel Land, said, "Our investment in this office building with a prime location in London’s historic and financial centre is in line with our strategy to invest opportunistically in key global cities with good growth potential.”

The investment will be managed by Keppel Land's fund management subsidiary, Alpha Investment Partners.

Keppel land closed 0.2% lower at $4.53, giving it a market cap of $7 billion.

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