Hong Kong’s Emperor International acquires Ampersand Building in London for £260 million
Hong Kong firm Emperor International Holdings Limited (“Emperor International”) (Stock code: 163) announced that it has acquired Ampersand Building, a composite building comprising retail spaces, office premises and leasehold apartments, at Nos. 111-125 Oxford Street, No. 178 Wardour Street and No. 15 Hollen Street, London, United Kingdom (W1F8ZZ), at a consideration of approximately GBP260 million, equivalent to approximately HK$2,561 million.
Ampersand Building is a freehold 8-storey (including basement) composite building with a total floor area of approximately 90,999 square feet. Situated in one of the hot spots in United Kingdom, it is located in prime retail and vibrant SOHO office area of London’s West End. It is also in close proximity to the Tottenham Court Road Crossrail development for enjoying promising pedestrian traffic.
Such acquisition is expected to be completed on 14 June 2017. Ampersand Building is intended for property investment purpose for rental return.
Mr. Donald Cheung, Executive Director of Emperor International, said, “With three street frontages, Ampersand Building is an iconic premises featuring a fascinating combination of modern and heritage elements. On one hand, the building preserves the 18th century façade facing Oxford Street, and on the other hand its SOHO style office floors embrace contemporary concepts with exceptional floor to ceiling heights.”
Mr. Cheung continued, “In line with our strategic focus, the acquisition presents a rare opportunity to purchase a quality asset which is perpetually attractive to retail and office tenants, on a whole block basis, at a prominent street in the world-renowned cosmopolitan city. This also enables us to strengthen our presence in London and diversify our property portfolio geographically. We believe that Ampersand Building will provide a solid rental income stream with long-term upside potential, which can be realised through active asset management.”
Source: Emperor International