The company has agreed to acquire a property in the form of a premium commercial building, namely an office building for £195 million or around Rp 3.6 trillion at 32-50 Strand, London.
"The company acquired properties from the current owners, namely LS City and West End Limited, part of LandSec. The acquisition will be completed in June 2022," said Sinar Mas Land Director Herry Hendarta, in a press statement, Monday (6/6/2022) .
Herry Hendarta said the property acquired by Sinar Mas Land is a commercial building with an area of approximately 139,000 square feet consisting of the ground floor , basement and 8 upper floors.
The building is located on West Strand and next door to Charing Cross train station which is accessible on foot from London's Trafalgar Square.
"The acquisition of property buildings in the City of London is a corporate effort to be more present in the international property competition," he said.
According to Herry Hendarta, this step emphasizes the diversification of the investment portfolio of the group which has a business base in Indonesia.
The UK has again become an investment location because most of Sinar Mas Land's revenue contribution from all overseas properties comes from office rentals in London.
Since 2013, the company has owned a number of commercial property projects in the City of London including the Alphabeta Building with a total investment value of £280 million and 33 Horseferry Road with a total investment value of £215 million.
In addition to commercial buildings, the company is also expanding into a number of overseas property projects, such as residential and recreational centers.
Furthermore, the company also owns properties in China in the form of residential areas in Taicang, Shenyang and Chengdu with a land area of 246,000 square meters.
While in Malaysia there are hotels and resorts with a land area of 300 hectares. Sinar Mas Land also acquired a property developer in the United States to expand the company's footprint globally.