IKK UK 2 LTD, a subsidiary of Tokyo-based IINO Kaiun Kaisha, Ltd. (IINO Lines) has bought an office building at 111 Strand, London.
The Covent Garden building was purchased from ESAS Holdings (GB). It is leased on a long-term basis. The price was not disclosed.
The eight-storey building at 111 Strand has around 3,510 square metres of Grade A office and also retail accommodation. It occupies a prominent corner site.
It has recently undergone a comprehensive refurbishment, and has an Energy Performance Certificate rating of B, compliant with the Minimum Energy Efficiency Standards (MEES) 2030 target.
Consistent income as office building
IINO Lines, which specialises in real estate and shipping, says, “With its promising features, the property is anticipated to deliver consistent income as an office building.
“We have been developing both the shipping and the real estate businesses based on IINO MODEL, our business model, and in our mid-term management plan, The Adventure to Our Sustainable Future.
“We have identified the Expansion of Global Business as one of the key strategies – We established a representative office in London in 1973 (with the incorporation of a local subsidiary in 2004), recognizing it as a major maritime hub. In 2020, we acquired BRACTON HOUSE, marking our first venture into overseas office property in the real estate business. Additionally, we plan to invest in a real estate development project in the U.S. in 2022.
“These initiatives signify our commitment not only to expanding our office building leasing business targeting the central Tokyo area but also to developing the overseas real estate business.”
IINO Lines says it will continue to invest in high-quality properties in Japan and also overseas by utilizing its experience in managing office buildings in Japan for many years and leveraging its expanding knowledge of the overseas real estate market.
“Our goal is to further increase our corporate value by strengthening the stability of profitability in our real estate business while diversifying our business.”
Knight Frank advised IINO Kaiun Kaisha, Ltd. on the purchase. The vendor was advised by Capreon / Boodle Hatfield LLP.
