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UOL buys London property for £98.75m

PROPERTY developer UOL Group has inked a deal to buy a London property for £98.75 million (S$199 million) from UBS Central London Office Value Added Fund, it said in a Singapore Exchange filing on Friday.

The property, 110 High Holborn, is near London's Holborn tube stop near the West End, and consists of offices and retail space arranged over basement, ground floor and eight upper floors, it said.

It said the property was freehold and "part virtual freehold", and had a net lettable area of about 10,900 square metres.

UOL said it has paid a deposit of £9.7 million upon signing the agreement and the balance is payable upon completion of the deal, scheduled on or about June 15 this year.