Pidemco Land extends presence in UK in partnership with Grosvenor to redevelop prime office site in London
Singapore, 22 August, 2000
Singapore, August 22 - Pidemco Land is pleased to announce that it has signed an agreement with leading UK property group Grosvenor to redevelop a prime office site at Nos. 19 to 31 Moorgate, London. Pidemco Land will take a 50 per cent stake in the project which is estimated to cost about £50 million (S$130 million), inclusive of land and development.
The 14,134 square feet site has a tenure of 150 years and will be redeveloped into a grade A six-storey office building. The site will yield a potential buildup area of about 107,823 square feet and a net lettable area of 82,941 sq ft.
Pidemco Land President Mr Liew Mun Leong said: "It is our pleasure to partner Grosvenor, one of UK's major property developers, in this new joint venture. The site is one of the most prime in the city of London and we intend to develop a grade A office building to meet the business needs of professional firms and financial institutions. We anticipate the strong demand for good office space in London to continue."
Mr Liew added: "This venture dovetails well with Pidemco Land's plan to capitalise on opportunistic investments in gateway cities like London where we expect good potential returns."
Grosvenor Chief Executive Mr Stephen Musgrave said: "We are pleased to be in partnership with Pidemco Land to redevelop the site at Moorgate. This project will complement our existing developments at 111 Old Broad Street and help extend our presence in the City of London."
The site is strategically located in the City of London. It is within walking distance of the Bank of England and easily accessible via Moorgate Underground station.
Construction will begin in the third quarter of this year and the new office building is expected to be completed by the third quarter of 2002.
The new building will be designed by well-known UK architect Foggo Associates whose works include 111 Old Broad Street in London and Brno Technology Park in the Czech Republic.
The Moorgate site is Pidemco Land's third investment in London after 131 Finsbury Pavement and Canary Riverside. 131 Finsbury Pavement is a prime nine-storey office building in the City of London. It is fully leased to Swedish financial institution OM Gruppen.
Pidemco Land also owns a 50 per cent stake in Canary Riverside, a waterfront development comprising 322 luxury condominium units, the 142-room Four Seasons Hotel Canary Wharf, a large health club and restaurants.
Grosvenor is a privately-owned international property investment, development and fund management group. It is active throughout the retail, office and business park sectors. The group has four operating companies covering UK/Ireland, Continental Europe, the Americas and Australia/Asia-Pacific. These companies are overseen by a UK-based holding company. The total value of assets under Grosvenor management is £4.2 billion.
Pidemco Land is a leading property developer, investor and manager of quality residential and commercial properties in Singapore. It has properties and investments in 24 cities in 12 countries in the Asia-Pacific region and the UK. The Group''s portfolio includes serviced residences and shopping centres which are owned and/or managed by its Singapore-listed subsidiary Somerset Holdings.