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Ho Bee Land closes £650M buy of Ropemaker Place in London

Ho Bee Land Ltd., through its Grandeur Property Investments Ltd. subsidiary, wrapped up its roughly £650 million acquisition of the British Land Co. PLC-developed Ropemaker Place office building in the City of London.

The Singaporean developer bought the 21-story property with approximately 602,000 square feet of grade A leasable area from a joint venture comprising AXA Investment Managers - Real Assets, Chinese investor Gingko Tree Investment and South Korea's Hanwha Group.

The transaction was carried out through Grandeur Property's purchase of the building's owner, Frasia Properties Sarl.

Ho Bee Land's investments in London increased to S$2.4 billion following the deal, Chairman and CEO Chua Thian Poh said in a statement.

As of June 15, US$1 was equivalent to S$1.35.