Chinese Estates Holdings has offloaded an office building at 14 St George Street in the upmarket Mayfair district of London to Oval Real Estate for c. €146.7m.
Situated a 5-minute walk from both Bond Street and Oxford Circus Underground stations at the intersection of St George Street and Maddox Street, the property has a net internal area of 4,818m2 across five floors and a lower ground level.
The Group is focused on property investment and development. The Disposal aligns with its strategy to efficiently manage resources and enhance its property portfolio. It will allow the Group to reallocate funds for new investment opportunities and adjust its overall portfolio strategy as needed based on market conditions.
Under the terms of the transaction, Oval will also repay c. €26.8m of bank loans and c. €112.8m of intra-group debt owed by the property’s holding company.
London-based Oval is buying 14 St George Street after it teamed up with US investment firm Elliott Management in January to acquire a set of 27 assets from Langham Estate, a sprawling collection of West End commercial and residential properties owned by Hong Kong property tycoon Samuel Tak Lee.
Europe Real Estate — an overview of real estate developments in European countries.
