Sinar Mas Land Buys New Asset in London

Sinar Mas Land, listed on the Singapore Stock Exchange (SGX), announced the purchase of an office building in central London, England, for £195 million or US$238 million. In an information disclosure to regulators, the property developer owned by the Widjaja family, officially acquired 32-50 Strand in the Charing Cross area of ​​12,914 square meters.

Sinar Mas Land purchased the historic commercial building from London-based property giant Land Securities Group (Landsec). "The acquisition of 32-50 Strand will further strengthen recurring income by adding key assets with strong cash flows," Sinar Mas Land's management explained. The company aims to complete the transaction by the end of June, funded from internal cash and bank loans. For your information, in April, Sinar Mas Land sold its office block at 10 Great Pulteney Street in Soho, London, for £ 72 million or equivalent to Rp 1.45 trillion. The proceeds from the sale were used to repay bank loans.