KUALA LUMPUR: Eastern & Oriental Bhd (E&O) on Monday completed an acquisition of 1.2 acres (0.48ha) of freehold land in West London within the Hammersmith commercial hub for a total of RM308.9 million (£57 million).
The site currently holds two existing connected properties, namely the 11-storey Thames Tower and 15-storey Landmark House, which were constructed in the 1960s.
According to the group, the Hammersmith acquisition will bring three of the prime property assets owned by Eastern & Oriental Property UK (EOP UK) a cumulative gross development value of RM1.4 billion (£269 million). The other two properties are Princes House (2012) and ESCA House (2014).
The land in Hammersmith will be used for future refurbishment or redevelopment opportunities, which could include Grade A office space and residential units, subject to relevant authority approvals, the group said in a statement.
Hammersmith’s London Underground stations provide excellent connectivity with access to the Piccadilly, Hammersmith & City, and District lines, it added.
Going forward, EOP UK aims to strategically optimise its capital outlay to extend its core competency in development management, and prudently expanding the company.
Towards this end, EOP UK is open to co-investing with reputable and like-minded partners who seek exposure in the United Kingdom property market.
This article first appeared in The Edge Financial Daily, on March 20, 2015.