Hwa Hong unit invests in London market
Singapore Warehouse Company takes 50 per cent stake in a central London commercial property
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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.
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