Ho Bee

Ho Bee: Makes second acquisition in City of London Ho Bee entered agreement with Nomura Properties Plc to acquire its second office property in London, known as 1 St Martin’s Le Grand, for £171m (S$361.5m). The accretive acquisition with a net yield of 5.5% on the freehold Grade-A office building with 276,792 sf space is located in a prominent island site in the western core of the City of London, and has an average lease of 12 years with a fixed uplift on half the income in 2019. Ho Bee's first office acquisition in London was back in May '13 when the group paid £67.2m for Rose Court, also at an estimated yield of ~6%. At $2.15, Ho Bee trades at an attractive 0.6x P/B and estimated yield of 2.6%.