Business
Acqusition of West End Premises
Acqusition of West End Premises.
About this update from Arbuthnot Banking Group Plc
[{"type":"text","content":"\n \nRNS Number : 9085A Arbuthnot Banking Group PLC 10 June 2016 \n\n \nPRESS RELEASE\nFor Immediate Release\n \n10 June 2016\n \nARBUTHNOT ANNOUNCES ACQUISITION OF WEST END PREMISES \n20 King Street, 10 St James's, London SW1 premises acquired\nArbuthnot 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. \nThe 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.\nTwenty 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. \n \n-ENDS-\n \n \n \n\n\n\n\nEnquiries\n\n\n \n\n\n\n\n \n\n\n \n\n\n\n\nArbuthnot Banking Group\n\n\n \n\n\n\n\nSir Henry Angest, Chairman and Chief Executive\n\n\n020 7012 2400\n\n\n\n\nAndrew Salmon, Chief Operating Officer\n\n\n \n\n\n\n\nJames Cobb, Group Finance Director\n\n\n \n\n\n\n\nDavid Marshall, Director of Communications\n\n\n \n\n\n\n\n \n\n\n \n\n\n\n\nCanaccord Genuity Ltd (Nominated Advisor)\n\n\n \n\n\n\n\nSunil Duggal\n\n\n020 7665 4500\n\n\n\n\n \n\n\n \n\n\n\n\nNumis Securities Ltd (Broker)\n\n\n \n\n\n\n\nChris Wilkinson\n\n\n020 7260 1000\n\n\n\n\nMark Lander\n\n\n \n\n\n\n\n \n\n\n \n\n\n\n\nBell Pottinger (Financial PR)\n\n\n \n\n\n\n\nBen Woodford\n\n\n020 3772 2563\n\n\n\n\nDan de Belder\n\n\n \n\n\n\n\n \n\nThis information is provided by RNSThe company news service from the L...