Sinarmas Land sells London property for $131.8m

The freehold property provides 44,116 square feet of office space in the UK capital.

Mainboard-listed Sinarmas Land has sold a property in London for around $131.8m (£72m) in cash consideration, the company announced.

Unlimited House, the sold property located at 10 Great Pulteney Street, provides 44,116 sq. ft. of Grade A freehold office and a self-contained five-unit freehold residential block of 2,928 sq. ft. It was owned by Sinarmas Land subsidiary SML Great.

“The consideration was arrived at on a willing-buyer willing-seller basis, taking into account,
inter alia, recent transaction prices of similar properties in the same location,” the company said of the disposal.

It added that the buyer undertook their own valuation by a professional valuation firm.

Sinarmas Land intends to apply the net proceeds from the disposal for repayment of bank loan on the property, as working capital and/or for future acquisitions of investments and/or
development properties.