Mayer Brown advises Sinar Mas Land Limited on the £84.65m purchase of New Brook Buildings
3 May 2013
London - Leading global law firm Mayer Brown has advised Indonesian property developer, Sinar Mas Land Limited, on the £84m purchase of New Brook Buildings, 8-18 Great Queen Street, London. The purchase is their first acquisition outside of Asia.
The 95,000sq ft office block in Midtown, near Covent Garden was sold by Henderson Global Investors.
Sinar Mas Land Limited is listed on the Singapore Exchange and headquartered in Singapore. They have long-term investments in major commercial buildings, hotels and resorts, and is involved in property development and leasing in Indonesia, China, Malaysia and Singapore.
The purchase follows an active 2012 in which Asian investors have invested more than £2.4bn into central London, nearly four times the total for 2010.
Martin Wright, Real Estate partner, said: “This is a very exciting time in the real estate market. The purchase underlines London’s continuing appeal to international investors and in particular, to Asian investors for whom currency shifts over the last few years has weighted enormously in their favour. We think that market trend will continue throughout this year especially as domestic policy changes now allow insurers in China and Taiwan to invest in London.”
The Mayer Brown team was led by Real Estate partner Martin Wright.
Mayer Brown also recently advised China Overseas Holdings on its £152m acquisition of 1 Finsbury Circus, their debut acquisition outside of China and a Frankfurt based investment company, owned by one of the wealthiest families in Hong Kong, on the acquisition of a hotel portfolio across the UK.