Singapore’s Hoi Hup makes £80m+ Midtown splash

Singaporean developer, Hoi Hup Realty Pte has bought 322 High Holborn and 44 Southampton Buildings in London’s Midtown, WC1, from a client of Aberdeen Standard Investments for more than £80m, CoStar News can reveal.

Aberdeen was previously in talks to sell the buildings, which sit on the south side of High Holborn, to Grace Cheung’s Trinity Grand but the deal did not progress. 322 High Holborn is a multi-let building comprising 70,308 sq ft of office, retail and residential space. 44 Southampton Buildings, totalling 17,444 sq ft is single let on a 15-year lease to Beaumont Business Centres.

The deal is Hoi Hup’s third acquisition in central London, having made its debut in August 2015 to buy 1 Golden Lane, EC1, in the City fringe for £77m.

Hoi Hup, known for its luxury residential developments then agreed terms in July 2016 to buy 63 Queen Victoria Street for around the asking price of £34m, reflecting a net initial yield of 5%, from South Yorkshire Pensions Authority, advised by Standard Life.

Felix Rabeneck, director in the Central London investment team at Savills, which advised Hoi Hup, said: “322 High Holborn and 44 Southampton Buildings provides our client with a freehold, multi-let investment opportunity with significant asset management opportunities and longer term redevelopment potential in a strategic location.” Knight Frank advised Aberdeen Standard Investments.

Ref : Property Report