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BSX-listed Zeno Capital buys London property for $319 million

A Bermuda-listed investment company has bought the London building that is the global headquarters of Standard Chartered Bank, paying £210 million ($319m) for the property.

Zeno Capital Limited has a stated objective to acquire investment grade property throughout Europe and other jurisdictions.

The Bermuda Stock Exchange-listed company released details of the property acquisition on Friday.

The building, in Basinghall Avenue, London, has nine floors and 270,000 sq ft of space.

It currently rented to sole tenant Standard Chartered Bank at a yearly rate of £11.4 million ($17.3m), which is adjusted annually with reference to the UK retail price index.

The lease expires in 2027.

In a statement the company said: “The board of directors have finalised and completed the acquisition of Number 1 Basinghall Avenue, London, UK, which is a commercial property asset that is currently the global headquarters of Standard Chartered Bank Plc.

“The board of directors believes that the acquisition is in line with the company’s stated investment objectives of establishing a high-quality property investment portfolio in strategic locations.

“The board anticipates that the acquisition of 1 Basinghall Avenue will deliver strong shareholder returns, underpinned by sound investment fundamentals.”

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Published April 22, 2013 at 9:00 am (Updated April 21, 2013 at 6:52 pm)

BSX-listed Zeno Capital buys London property for $319 million

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