Hwa Hong takes 71% stake in £18.5m acquisition of London office block
Move allows it to expand its commercial property portfolio in London
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Singapore
Hwa Hong took a 71.39 per cent interest in Garrett Property Holdings (GPH) for a nominal value of £71.39 (S$123.90), with the remaining shares held by unrelated parties including Langland Estates Ltd (UK) and Steptwice Company. GPH in turn owns property investment firm Capital Garrett, which has signed agreements with two unrelated third parties to acquire a freehold property at 20 Garrett Street, London for £18.5 million.
The acquisition was an off-market transaction and was completed on Friday. It will be funded by a combination of bank loans and internal cash sources.
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