Berjaya Assets' subsidiary buys freehold land in London for RM213million

Berjaya Assets Bhd has revealed that its 70 percent owned subsidiary, Cardiff Asset Ltd, has purchased a freehold land in London for around RM213.25 million.

Located in Islington, London, UK, the land – which was acquired from Frasers Islington Ltd and Frasers Islington Properties Ltd – came with a leasehold building dubbed as “Islington On The Green.”

The five story property has a total gross lettable area of 4,273.54 sq metres, featuring retail space as well as high-end residential apartments.

“The transaction will be funded by internal funds and borrowings, the actual composition of which will be determined later,” it said, adding that the acquisition is set to be completed in the first quarter of the financial year ending 30 June 2015.

“The positive outlook of the property market sector in London augurs well for the acquisition as the property is located in a London prime area, which is expected to have good capital appreciation,” it noted.

Source : PropertyGuru