Acqusition of West End Premises

RNS Number : 9085A

Arbuthnot Banking Group PLC

10 June 2016

 

PRESS RELEASE

For Immediate Release

10 June 2016

ARBUTHNOT ANNOUNCES ACQUISITION OF WEST END PREMISES 

20 King Street, 10 St James's, London SW1 premises acquired

Arbuthnot Banking Group PLC today announced that its wholly owned subsidiary, Arbuthnot Latham & Co., Limited, has acquired premises in the West End of London, namely 20 King Street/10 St James's Street, predominantly as an investment for Arbuthnot Latham.  However, in due course these premises may allow Arbuthnot Latham to develop its presence in the West End, occupying part of the property for client purposes. 

The property comprises 22,450 square feet of office space and approximately 7,000 square feet of retail space.  The purchase price for the property is £50.2m with associated costs of around £3.2m and has a current net annual rental income of over £1.8m.  The acquisition of the premises has been funded from the Group's existing resources.

Twenty King Street lies within the St James Conservation Area and is held by way of leasehold from The Crown Estate Commissioners with just over 119 years unexpired, with a review every five years.  The property is Grade II listed of neo-classical design, originally constructed in 1832 under the supervision of John Nash.  It was comprehensively refurbished in 2004. 

-ENDS-

Enquiries
Arbuthnot Banking Group
Sir Henry Angest, Chairman and Chief Executive	020 7012 2400
Andrew Salmon, Chief Operating Officer
James Cobb, Group Finance Director
David Marshall, Director of Communications
Canaccord Genuity Ltd (Nominated Advisor)
Sunil Duggal	020 7665 4500
Numis Securities Ltd (Broker)
Chris Wilkinson	020 7260 1000
Mark Lander
Bell Pottinger (Financial PR)
Ben Woodford	020 3772 2563
Dan de Belder

 

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