Kimly unit acquires 25% stake in Yishun coffee shop property for S$6.06m

Singapore

CATALIST-LISTED coffee shop consolidator Kimly announced on Friday that its wholly-owned subsidiary Northstar has acquired a 25 per cent stake in a coffee shop property in Yishun for about S$6.06 million. The total consideration of the acquisition will be paid for entirely in cash from the internal resources of the group. Kimly said that the acquisition enables the group to "entrench its operating rights of the coffee shop". It will then be entitled to first rights of refusal in the event of lease renewal or sale of the property.

The coffee shop acquired is located on the ground floor of 925 Yishun Central 1; it has a 99-year leasehold title, which commenced on Sept 1, 1991. According to Kimly, the coffee shop is in a prime location in a mature estate, within 300m of the Yishun integrated transport hub, Northpoint City and Yishun MRT station. "The property enjoys high footfall, which is expected to grow in the near future due to upcoming residential developments in the vicinity," it added. Shares of Kimly closed flat at 22.5 Singapore cents on Friday.