Developer and investor Oval Real Estate has bought an office building at 14 St George Street, London, from Chinese Estates Holdings for around £125 million.
The Mayfair building has five floors and a lower ground level with a net internal area of 51,861 square feet. The offices are close to Bond Street and Oxford Circus Underground stations.
Under the terms of the deal, Oval will repay around €26.8 million of bank loans and €112.8 million of intra-group debt owed by the property’s holding company.
Concerning the deal for 14 St George Street, London, Chinese Estates Holdings says, “As the group is principally engaged in, among others, property investment and development, the disposal is in line with its strategy to make good use of and manage its resources to better develop its property portfolio. The disposal allows the group to re-allocate the proceeds for other investment opportunities when they arise and adjust, if needed, the overall strategy on its investment portfolio when the market conditions warrant.”
