Acquisition of new London Office

RNS Number : 3242J
Arbuthnot Banking Group PLC
03 August 2012
 



 

 

                                                                                                              For Immediate Release

 

PRESS RELEASE                                                                                                3 August 2012

                                                     

 

 

                       

 ARBUTHNOT BANKING GROUP PLC

 

 

Acquisition of new London Office

 

 

The Board of Arbuthnot Banking Group PLC (the "Group" or "Arbuthnot") are pleased to announce that Arbuthnot Latham & Co., Limited has today agreed to acquire the freehold of an office building located at 7-21 Wilson Street, London EC2M 2TD for £15.7 million.  It is intended that in due course the building will become the head office for the Arbuthnot Banking Group PLC, the principal location for Arbuthnot Latham & Co., Limited and London offices for Secure Trust Bank PLC.

 

7-21 Wilson Street comprises of 38,000 sq ft of offices and is currently let at a rent of £1.65 million per annum.  The lease is due to expire in December 2013 and as the building will be 25 years old it is planned that a renovation and fit out programme will be undertaken which is expected to cost approximately £5.0 million.  The acquisition of the building has been funded from the Group's existing resources.  The lease on the Group's current premises at 20 Ropemaker Street, London, EC2Y 9AR, costs £1.7m per annum and has a break option in June 2015.  It is anticipated that the Group will exercise the break option and will move together with Arbuthnot Latham & Co., Limited to Wilson Street in June 2015.

 

Commenting on the purchase of 7-21 Wilson Street, Henry Angest, Chairman and CEO of Arbuthnot Banking Group PLC, said:

 

"Up until December 2006 the Group operated from its own freehold premises.  In line with our long term approach to developing the Group we believe it is beneficial to have full control over our property interests and that this can only be achieved through the ownership of a freehold property.  I am, therefore, delighted that we have managed to acquire again freehold offices which meet our requirements."



Enquiries:

 

Arbuthnot Banking Group PLC                                                        Tel:    020 7012 2400

Henry Angest, Chairman and Chief Executive

Andrew Salmon, Chief Operating Officer

James Cobb, Group Finance Director

David Marshall, Director of Communications

 

Canaccord Genuity Hawkpoint Limited (Nominated Adviser)        Tel:     020 7665 4500

Lawrence Guthrie

Sunil Duggal

 

Numis Securities Limited                                                                  Tel:     020 7260 1000

Christopher Wilkinson

Mark Lander

 

Pelham Bell Pottinger                                                                        Tel:     020 7861 3232

Ben Woodford

Dan de Belder

 


This information is provided by RNS
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