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TEE Land, partners to buy A$6.26m properties in Sydney

Tee Land Limited has tied up with Peter & Jan Clark (Levey Street) Pty Ltd (Clark) and Kenmooreland Pte Ltd to set up a joint venture company to acquire commercial units and car park lots in Sydney, Australia worth A$6.26 million (S$6.37 million). 

The JVC called TCK Commercial, with an initial paid up capital of A$100, is 55 per cent owned by wholly-owned TEE Hospitality, 10 per cent by Clark and 35 per cent by Kenmooreland, said the firm in an announcement.

The acquisitions, which will be financed by internal funds and bank borrowings, are expected to be completed in January 2016 and are not expected to have any material impact on the group's net tangible assets or earnings per share for the financial year ending May 2016.

Clark and Kenmooreland are joint venture partners in TEE Land group's Sydney hotels, Quality Hotel CKS Sydney Airport and Larmont Hotel.

Shares of TEE Land closed unchanged at 20.5 Singapore cents on Wednesday.