Sinarmas Land buys London building

SINARMAS Land yesterday said it would acquire a freehold prime commercial building in London for £57.28 million (S$119 million) through a sale and purchase agreement with GE Real Estate.

The building - 10 Great Pulteney Street (10 GPS) - is in the heart of Soho, and in a location that has traditionally attracted media companies including M&C Saatchi, Sony Pictures and 20th Century Fox, the company said in a press release.

The property is fully leased to Creston plc, a global communications group, on a "triple net lease" agreement. This means Creston is solely responsible for all the costs relating to the asset being leased, including real estate taxes on the leased asset, building insurance and common area maintenance, Sinarmas Land said.