Singapore

A UNIT of property firm Hwa Hong Corporation has taken up a half stake in a freehold commercial property in London's Clerkenwell area that is worth £24.8 million, the group said in a Singapore Exchange filing on Monday morning. The deal is in line with Hwa Hong's strategy to seek "value-add" opportunities in the central London property market for recurrent rental income and long term investment, it said.

The Hwa Hong unit, Singapore Warehouse Company, took a 50 per cent stake in Capital Herbal Limited (CHL), which inked a deal with an "unrelated third party", CGIS Herbal Hill, to buy the Clerkenwell property for £24.8 million cash in total or roughly S$47.37 million, it said.