Ho Bee snaps up two prime London offices for $210m

This is its sixth acquisition in the city.

Mainboard-listed property group Ho Bee Land has acquired its sixth prime office property in London for a total consideration of $210m (£99m).

The properties, known as Apollo House and Lunar House, is made up of two office buildings of 20 storeys and 22 storeys, providing total 441,797 square feet of office accommodation.

The property is currently leased in its entirety to the British Government, with the contract valid until June 2023.

The total rent is approximately £5.521 million per annum, which reflects a net initial yield of 5.35% after allowing for transaction costs.

“This is Ho Bee’s third major office acquisition this year and its sixth office building in London. The acquisition increases our investments in U.K. to about £600 million in the last three years and reflects our confidence in the London’s commercial market,” said Chua Thian Poh, Chairman and Chief Executive Officer of Ho Bee Land.