AlloyMtd Group, a leading Asian infrastructure conglomerate headquartered in Kuala Lumpur, has today announced that it has completed on the purchase of the strategic and landmark freehold of UBS’s development site at One Crown Place, London, EC2, located in Central London. The acquisition was entered into between AlloyMtd (Jersey) Limited and Sun Street Properties Limited, both wholly-owned companies of AlloyMtd Group and UBS respectively.
The site in the London Borough of Hackney, which has planning consent for an iconic tower, incorporates approximately 380,000 ft² (approx. 35,302 m²) of office, hotel and retail use. The property underwent a competitive bidding process having been brought to the market in February by global property advisor, CBRE.
Adrian Bunnis, Executive Director of CBRE’s City of London Development team who was engaged by UBS said, “We received strong interest from various parties which demonstrates the renewed confidence in the City of London and its immediate environs”.
Azmil Khalid, President and CEO of AlloyMtd Group commented, “One Crown Place represents an excellent opportunity for AlloyMtd to re-enter the London real estate market. Metacorp, an AlloyMtd company, was an equal partner in the Spitalfields office development in London between 1996 and 2000. This transaction adds another feather in the cap for the Group in its venture of purchasing property and real estate development outside Asia, having recently acquired property in Los Angeles and San Diego, USA. AlloyMtd Group also has been active in property development in Australia particularly in Queensland and Melbourne.”
Azmil Khalid added, “We look forward to working with the London Borough of Hackney and the wider London community to deliver an outstanding and sustainable new development in the heart of Central London.”
Rob Bullough, Executive Director and Head of Real Estate for EMEA N/E at UBS said, “There was an encouraging level of interest in this site, which ceased to form part of UBS’ real estate strategy in London.”
Terms of the transaction remain confidential. UBS were represented by CBRE and Linklaters. AlloyMtd were represented by Matthew Swainston and Ed Tennant at Forsters.
Source: FTI Consulting