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