Sinar Mas Land, Owned By Conglomerate Eka Tjipta Widjaja, Successfully Acquires An 8-Story Building In The UK For IDR 3.6 Trillion

Photo: Doc. Sinar Mas Land

JAKARTA - The property developer belonging to the late conglomerate Eka Tjipta Widjaja, Sinar Mas Land through Sinarmas Land Limited, which is listed on the Singapore Stock Exchange, is again expanding abroad.

This time, Sinar Mas Land agreed to acquire a property in the form of a premium commercial building, namely an office building for £195 million or around IDR 3.6 trillion at 32-50 Strand, London.

Sinar Mas Land Director Herry Hendarta said the company acquired the property from the current owners, namely LS City and West End Limited, part of LandSec. The acquisition will be completed in June 2022.

The property that was acquired by Sinar Mas Land is a commercial building with an area of approximately 139,000 square feet consisting of the ground floor, basement, and 8 upper floors. The building is located on West Strand and next door to Charing Cross train station which is accessible on foot from London's Trafalgar Square.

"The acquisition of property buildings in the City of London is a corporate effort to be more present in the international property competition," said Herry Hendarta, in a written statement, quoted on Tuesday, June 7.

An office building worth £195 million which was acquired by Sinar Mas Land. (Photo: Doc. Sinar Mas Land)

Herry explained that this step emphasized the diversification of the investment portfolio of the group which has a business base in Indonesia. The UK has again become an investment location because most of Sinar Mas Land's revenue contribution from all overseas properties comes from office rentals in London.

Since 2013, Sinar Mas Land has owned a number of commercial property projects in the City of London including Alphabeta Building with a total investment value of 280 million pounds and 33 Horseferry Road with a total investment value of 215 million pounds.

In addition to commercial buildings, Sinar Mas Land is also expanding into a number of overseas property projects, such as residential and recreational centers.

Furthermore, Sinar Mas Land also owns property in China in the form of residential areas in Taicang, Shenyang, and Chengdu with a land area of 246,000 square meters. While in Malaysia there are hotels and resorts with a land area of 300 hectares.

Sinar Mas Land also acquired a property developer in the United States to expand the company's footprint globally.