London, United Kingdom, March 11, 2020 (GLOBE NEWSWIRE) -- Poly Global have enlisted Jones Lang LaSalle to sell 5 Fleet Place, London, freeing capital to reinvest back into the United Kingdom property market.
The decision to sell the commercial building follows a renewed strategic focus on expanding the diversity of investments and developments within the UK. The company continues to seek further acquisitions in and around London.
Poly is an international property developer with offices already established in Australia, US, UK, China and Hong Kong. The company is looking to expand further, with possible opportunities in New Zealand and elsewhere around the globe.
May Zhao, Poly Global's Executive Director for London said the group has a long term acquisition plan for the UK given the strong market fundamentals.
"Our focus is to seek out new investment opportunities. We believe the time is right for us to review our strategy for 5 Fleet Place and recycle capital into fresh acquisitions."
"We are looking for both residential and commercial assets to cement our growth over the medium to long term."
The main tenant at 5 Fleet place is law firm, Charles Russel Speechlys. Last year they opted to renew their lease for a further 15 years at an increased rent, enhancing the value of the property.
Poly Global entered the UK market in January 2016 when it bought the 130,000 sq ft 5 Fleet Place from sovereign wealth fund Abu Dhabi Investment Authority. ADIA origianlly paid £112M to purchase the freehold building from developer British Land in April 2008, and construction was completed in 2007.
Poly is also developing a residential development in the UK at Millbrook Park north of London, named as Plaza Collection by Poly. The vision for their residential project is to create a thriving and sustainable community comprising a comprehensive range of imaginative new homes. Poly will deliver 727 apartments over 4 phases.
For more information on Poly Global see our website https://polyglobal.com/
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