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LHN takes 40% stake in Bukit Timah Shopping Centre car park for S$16.2m
CATALIST-LISTED LHN Ltd, a real estate management service provider, has inked a deal to buy the car park of Bukit Timah Shopping Centre for S$16.2 million, through a 40 per cent stake in a joint-venture (JV) company set up on Wednesday.
The leasehold property has 381 parking spaces, with a remaining tenure of 862 years.
LHN has been tapped to run the car park, which the group said would increase income sources and grow the number of car parks under its facilities management business. Its other main business segments involve space optimisation and logistics services.
The group is holding its stake in the JV company through its wholly-owned LHN Parking (GMT) subsidiary. Its partners are businessman Low See Ching's GMTC vehicle, which also has a 40 per cent share, and SM Venture, with a 20 per cent interest. Mr Low is a third party who is also a shareholder in other joint ventures with LHN.
LHN most recently made headlines for its S$18.1 million purchase of a four-storey building in Balestier, which it plans to turn into a co-living space.