Dentons has advised Lee Kim Tah-Metro Jersey Limited (the “Company”) on its acquisition of 5 Chancery Lane for £76 million. The acquisition is part of a 50/50 joint venture by Singaporean investors Lee Kim Tah Group and Metro Holdings.
The Company purchased the freehold interest in the 84,836 sq ft 5 Chancery Lane building in the City of London from Lavariano Asset Holdings Limited and Lime Leaf Asset Holdings Limited. The property, arranged over basement, lower ground, ground and five upper floors is currently fully let to law firm Lewis Silkin LLP until 2023 providing an initial gross yield of 4.95%.
Simon Masri, partner in Dentons’ UK Real Estate team who led on the deal, said, “We were delighted to work with Lee Kim Tah and Metro Holdings on this transaction, which demonstrates that the London office sector continues to be a key target for investment and development, particularly for overseas investors looking to buy in the UK.”
In addition to Simon Masri, UK Real Estate associates Abbey Wiggett and Charlotte Mee supported on the transaction, with additional assistance from UK Banking and Finance partner James Irvine and associates James Francis and Joe Byron-Evans.
