Arbuthnot Banking Group Enters GBP 35 Million Sale Leaseback of London HQ

Hemscott - December 20, 2006

Arbuthnot Banking Group PLC said today that it has exchanged contracts for the sale and lease-back of its London head office. The company said it will sell Arbuthnot House, its London headquarters, on Ropemaker Street for 35 mln stg resulting in a profit of 15 mln stg over the original cost of the building Arbuthnot expects a book profit of about 11 mln stg on the sale of the building, which it acquired in August 2003, after allowing for associated costs. It expects to complete the sale on Dec 20. It will lease back the building on a 15-year term with a rent of 1.7 mln stg annually. Sphere: Related Content