China Motor Bus sells freehold property in London for $478m

It has a total site area of approximately 1,982.96 sq m. 

China Motor Bus Co. Ltd. has announced the sale of its freehold property, Albany House in London, for ~$477.99m (£47m).

The sale will exceed 25% but will be less than 75%, constituting a major transaction for the company. 

The wholly-owned subsidiary of Integrity International Group Limited, entirely owned by Tejinderpal Singh (Tony) Matharu, is the purchaser of the property.

Albany House has a total site area of approximately 1,982.96 sq m. 

The property comprises office accommodation with a total area of approximately 5,370.63 sq m. and 45 car parking spaces, arranged at basement and surface level. 

The China Motor Bus currently leases the property to London Underground Limited under a lease dated 22 December 1999 for a term of 25 years.

The unaudited carrying value of Albany House as of 31 December 2023 was approximately $328m.