Lum Chang to buy Kelaty House in Wembley, London for 25.5m pounds
Lum Chang on Monday said it has signed a deal with UKI (Wembley) Limited to buy Kelaty House, a freehold commercial property in Wembley, northwest London, for 25.5 million pounds (S$55.6 million).
The property is located within the Wembley Regeneration Area near the iconic Wembley Stadium in an area that is rapidly transforming into a vibrant and dynamic neighbourhood, the Singapore construction group cum property developer said.
The property is about 1.03 hectares and is currently fully leased. It has existing planning consent from the authorities to be redeveloped into a mixed-use development. Lum Chang is now reviewing its options and will make a decision on what to do with the building in due course.
Lum Chang said the acquisition presents a "prime investment opportunity" to expand the group's property portfolio in the UK, and the building is expected to provide a rental income stream to the group in the short term.
The consideration is to be initially funded by the group's internal cash resources, but the group may explore external debt financing in the future, it said.
The acquisition is expected to be completed by about August 28, 2015.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Cordlife’s independent auditor to retire after issuing disclaimer of opinion on FY2023 financials
Cordlife customers push for legal action
SK Hynix expects full chip recovery after Q1 earnings surprise on AI boom
Singapore shares retreat at Thursday’s open; STI down 1.1%
Malaysia weighs casino licence to revive Forest City
Frasers Centrepoint Trust posts 1.8% drop in H1 DPU to S$0.06022