U CITY ACQUIRES ANOTHER OFFICE BUILDING IN LONDON

Real Estate Press Releases Thursday May 11, 2017 15:38
Bangkok--11 May--U CITY

U City Public Company Limited (U City) signs an agreement to invest in an additional office building on 6-14 Underwood Street, London, UK for GBP 7.3 mn or THB 328.6 mn. The investment, which is expected to complete in June 2017, is a complementary addition to its existing portfolio of recurring income properties and enlarges the companies' footprint in London, following the acquisition of an office building on 33 Gracechurch Street for GBP 74.3 mn or THB 3,435.6 mn in September 2016.

Ms. Piyaporn Phanachet, Chief Executive Officer of U City added that "the acquisition of another property in London is in-line with our strategic investment objective to expand the company's recurring revenue portfolio with an asset that generates steady, sustainable and geographically diversified revenue."

The office building on Underwood Street has a net leasable area of over 2,700 square metres. Located in the 'Tech City' area of London - a popular agglomeration for technology, media and telecommunications companies – the area has seen considerable development activity in recent years and is well-served with a number of rail mass transit lines which is underpinned by favourable office space demand and increasing rental rates.

In addition, the Company is in the process of closing by July 2017, the transaction to acquire a pan-European hotel business under the "Vienna House" brand which includes a portfolio of hotels under a mixed ownership structure that includes freehold, financial lease and operating lease hotels and a hotel management platform that additionally manages third-party hotels. The hotel business operates in a diverse range of established and emerging European markets that include Germany, Czech Republic, Poland, Romania, Austria, Belarus, France, Russia and Slovakia and totals over 6,700 keys.

In the future, the Company intends to continuously expand its recurring income portfolio by developing a mixed-use building on its Phayathai land plot within 2017 and an office building on its Mo Chit land plot within 2018, for a total investment value of around THB 20 billion. "


Latest Press Release

Photo Release: Habitat Group wins 5 awards at 12th Thailand Property Award 2017

Habitat Group, one of Thailand's leading developers of premium property for investment, led by Mr. Chanin Vanijwongse (left) - Chief Executive Officer, and Ms. Sasivimol Sutthibut (right) – Chief Operating Officer, recently received 5 awards at...

Pioneering developers honoured at the 12th annual PropertyGuru Thailand Property Awards 2017

More than 100 distinctions were presented to the most outstanding real estate in Bangkok, Samui, Hua Hin, Khao Yai, the Eastern Seaboard and Phuket • Ananda Development, Sansiri, Charn Issara Development, The Riviera Group, MontAzure and Major...

Raffles City Hangzhou: Improving Quality of Life Through Design

Raffles City Hangzhou, a two-tower sustainable hub designed by Ben van Berkel / UNStudio, has been completed. The eighth Raffles City development by CapitaLand in China, it has become a major landmark along the green axis of Hangzhou's new CBD, and a...

SSAB Shape helps Scania boost competitiveness in India

SSAB Shape has developed an innovative new tipper body for Scania that offers the Indian mining industry a product far surpassing the performance of current solutions. By utilizing SSAB's product development services to execute the development of the...

TCC Land Asset World invests 20 billion baht, popping new shopping mall and other projects under a 3-year roadmap.

Mr. Napat Charoenkul, Managing Director of Retail Group, TCC Land Asset World Co., Ltd., revealed a plan for Asiatique The Riverfront Charoenkrung to create new 2 extensions for a hotel on the area of 15 rais and for a shopping center on an area of...

Related Topics