Singaporean investor acquires 340,000 sq ft mixed use investment
Singaporean investor UOL Group has acquired 120 Holborn, a 340,000 sq ft Midtown mixed-use island site from a private overseas investor and EQT for circa £230m. UOL, which is listed on the Singaporean exchange, has exchanged to buy the building at a 5.8% net initial yield.
120 Holborn comprises an island site with a nine-storey office building let to tenants including Whitbread Group, Trainline.com and Secret Escapes and ground floor retail facing Holborn Circus, Hatton Garden, Leather Lane and Greville Street along with further offices at 100 Hatton Gardens, and residential units.
There are three residential blocks of flats, totalling 58 units, all let on long leases (c.86 years unexpired).
Gerald Eve advised UOL alongside Michael Elliott, while Farmer Capital represented EQT and its client.
UOL announced has announced a newly incorporated joint venture, United Venture Investments (HI) Pte. Ltd (UVIHI), has entered into a sales and purchase agreement to acquire for £229.6m the freehold nine-storey mixed used building located at 120 Holborn.
UVIHI is a 50:50 JV between UOL Ventures Pte Ltd, which is a wholly-owned subsidiary of UOL, and UIC Overseas Investments Ptd Ltd., a subsidiary of United Industrial Corporation Ltd.
It is the group’s third acquisition in the UK. In May, advised by Gerald Eve, it agreed to buy nearby office and retail building at 110 High Holborn for £98.75m from UBS Central London Office Value Added Fund.