Hong Kong’s Kingboard to acquire commercial building in London for £293m

Hong Kong-primarily based investment company Kingboard Holdings has agreed to get a commercial developing, 2 London Wall Location, in London, from Brookfield for £293.6 million (close to HKD2,809.6 million).

The property is a 16-storey business setting up located at Central London, two-minute walk absent from the Moorgate station, which presents 187,200 sq. ft. of Quality A business accommodation and 1,500 sq. ft. of retail room.

Kingboard mentioned 96% of the leasable region of the office house and 100% of the retail house of the home is currently being leased out, generating total annual gross rental income of approximately £12.9 million (equivalent to approximately HKD123.4 million).

”The Group has been identifying quality properties for acquisition to increase its property investment portfolio and to enhance the Group’s capacity in generating rental income which the board believes to be a stable and reasonable return in the current market situation. Taking into account the location, quality and occupancy rate of the property, the board considers that the acquisition is in line with the business strategies of the group and is in the interests of the Company and its shareholders as a whole,” said the company in a statement.