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Reports Singapore

Singapore stock market and companies daily report (Ho Bee Land) (March 10, 2014)

March 10, 2014, Monday, 05:37 GMT | 02:37 EST | 11:07 IST | 13:37 SGT
Contributed by Shares Investment

- Ho Bee Land’s subsidiary, HB Le Grand, has agreed to acquire a freehold property in London for £171 million from Nomura Properties. The building comprises approximately 276,792 square feet of Grade A office. Presently, the property is multi-let to five tenants, including Julius Baer International and Mitsui & Co Europe. With total annual rentals of more than £9.9 million, the acquisition price reflects a net yield of 5.5 percent. Following its acquisition of Rose Court in May 2013, this purchase is Ho Bee Land’s second major office acquisition in London, which is part of the firm’s overseas diversification strategy as it faces limited investment opportunities in Singapore.