Corporate digest

LHN

PROPERTY player LHN is on the prowl for properties to purchase for its co-living business, the Catalist-listed company said in a Wednesday bourse filing.

"Encouraged by the current high occupancy of existing Coliwoo properties, the group is aggressively looking to acquire more of such strategic properties to add on to its Coliwoo co-living residential portfolio, in line with the group's business road map," LHN said.

The company made the comment as part of a disclosure announcing that its unit Coliwoo Holdings has contributed an additional S$S$499,999 to the issued and paid up ordinary share capital of a joint venture. The JV partner had also contributed the same additional amount.

The capital contribution will pay in part for the acquisition of a property on 40 and 42 Amber Road for S$27 million. The acquisition was completed on Wednesday.

LHN's appetite for purchases comes as there has been plenty of upheaval in the co-living business. Once-prominent startup Hmlet, for instance, walked out of a five-year master lease with Lumiere's landlord BS Shenton - turning its back on some 43 units in November 2020.

Another co-living operator Cove has since assumed management control of some 30 units in Lumiere.

Shares of LHN closed at S$0.38 on Wednesday, down 2.56 per cent.