LONDON (Alliance News) - Arbuthnot Banking Group PLC on Friday said its private banking business Arbuthnot Latham & Co Ltd has bought a property in the West End, London, for GBP50.2 million, primarily as an investment.
Arbuthnot said the premises, located on 20 Kings Street and 10 St James's Street, may also allow the wealth management business to develop its presence in the West End, occupying part of the property for client purposes.
The property comprises of 22,450 square feet of office space and around 7,00 square feet of retail space, Arbuthnot said, with a net annual rental income of more than GBP1.8 million The purchase price of GBP50.2 million does not include the GBP3.2 million of associated costs, and was funded through Arbuthnot's existing resources.
Shares in Arbuthnot were up 3.3% at 1,607.00 pence on Friday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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Arbuthnot (ARBB)