Business

Published: Wednesday August 1, 2012 MYT 9:42:00 AM
Updated: Wednesday August 1, 2012 MYT 12:05:17 PM

Amcorp Properties' RM117.6m London property JV

By Joseph Chin


KUALA LUMPUR: Amcorp Properties Bhd is teaming up to purchase a freehold property in London, which would see it investing £23.75mil (RM117.6mil) for its share.

It said on Wednesday its unit, Old Burlington Ltd (OBL), had inked an agreement with NL (Pollen) Ltd and HPL (Mayfair) Pte Ltd to form a JV to purchase the property on Tuesday.

"Accordingly, the maximum funding commitment to be made by OBL is £23.75mil," it said. Trading of the shares on Bursa Malaysia was halted from 9am to 10am following the announcement on Wednesday.

The JV would acquire the property from Standard Life Assurance Ltd for £85mil which would be slated for residential re-development.

"The property comprises a mid-terraced, Mayfair office building totaling 83,024 square feet of commercial accommodation over basement, ground and eight upper floor levels. The ground and basement comprises restaurant and gallery tenants with office accommodation on the upper floors," said Amcorp Properties.

The building was constructed in the 1930s, with a subsequent major refurbishment carried out in the 1980s. The JV plans to undertake a high quality residential led scheme.

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