UOL nabs $198.77m London freehold property

It has a net lettable area of 10,900 sqm.

UOL has sealed the deal with Clova No.1 Limited and Clova No.2 Limited to bag a GBP98.75m ($198.77m) London property from UBS Central London Office Value Added Fund.

According to the firm’s press release, the sale and purchase agreement was entered through UOL’s wholly owned Hong Kong subsidiary Success Venture Property Investments Limited.

A deposit of GBP9.7m was paid on the signing of the SPA, with the balance to be paid upon completion of the property around 15 June 2016.

The property, located in London’s Midtown, comprises offices together with retail space arranged over basement, ground, and eight upper floors. It is part-virtual freehold property, with about 10,900 sqm of net lettable area.

UOL asserts that the acquisition will be funded by internal resources as well as external borrowings, and is not seen to materially impact the firm’s net tangible assets or earnings per share for FY16.