Wednesday, October 5

Did Indonesia’s Family, Purchased Central London Building For $240 Million?

According to a Thursday filing with the Singapore Stock Exchange, Singapore-listed Sinar Mas Land, controlled by Indonesia’s second-wealthiest family, the Widjajas, has entered into a sale and purchase agreement with Land Securities Group for a commercial building in central London for 195 million pounds ($240 million).

The family’s most recent purchase, a freehold home located at 32-50 Strand, London, is situated in a great position close to Charing Cross station and Trafalgar Square. The building’s basement, ground, and eight above stories encompass roughly 139,000 square feet.

 

Robin Ng Cheng Jiet, director of Sinar Mas Land, stated in a statement, “The acquisition will further boost the Group’s recurring revenue by adding a premier asset with robust cash flows.”

The group intends to use a combination of internal funds and loans to fund the acquisition, which is scheduled to close by the end of June. After completion, the property will become a subsidiary of the group.

 

Last year, Sinar Mas Land sold one of its London buildings, 10 Great Pulteney Street, to the online fashion retailer Boohoo for $99.3 million. It still owns another property near London, the Alphabeta building, which it purchased for 280 million pounds. The corporation holds properties in Malaysia, Australia, and China, among other nations.

Mukhtar Widjaja, a son of the late Eka Tjipta Widjaja, who founded Sinar Mas Group, serves as chairman, while his son Michael serves as chief executive officer. Sinar Mas Land is the real estate division of Sinar Mas Group, one of the major corporations in Indonesia with interests in agribusiness, food, communications, technology, financial services, healthcare, mining, energy, real estate, and paper, among others.

 

The Widjaja family has a net worth of $9.7 billion and ranked second on the December list of Indonesia’s 50 wealthiest individuals.

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