Lum Chang Holdings is acquiring Kelaty House for a consideration of £25.5 million ($56.2 million) from UKI (Wembley).
It was on Aug 14 that wholly owned subsidiary Kelaty Propco entered into a sale and purchase agreement with UKI for the property.
Kelaty House is a freehold commercial property located at First Way, Wembley HA9 0JD, within the Wembley Regeneration Area, in close proximity to the iconic Wembley Stadium.
The property is 1.03 ha and is currently fully leased.
Lum Chang’s wholly-owned subsidiary, Wembley Properties, incorporated two wholly-owned subsidiaries in Jersey, Channel Islands, Kelaty Holdings and Kelaty Propco.
Kelaty Holdings holds 100% equity interest in Kelaty Propco and both subsidiaries were incorporated for the purposes of undertaking property investment projects in the UK.
Lum Chang says the proposed acquisition is an expansion of its property business and is expected to provide a rental income stream to the group in the short term.
The property has existing planning consent from the relevant planning authorities to be redeveloped into a mixed-use development.
The group says it is currently reviewing its options and will make an appropriate decision in due course.
A deposit of £2.55 million has been paid to UKI’s solicitors.
On completion of the proposed acquisition, Kelaty Propco will pay the balance of £22.95 million.
The consideration is to be initially funded by Lum Chang Holdings’ internal cash resources, but the group may explore external debt financing in the future.
Completion of the proposed acquisition is expected to take place on or about Aug 28.
Lum Chang Holdings shares opened at 39 cents this morning.
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It was on Aug 14 that wholly owned subsidiary Kelaty Propco entered into a sale and purchase agreement with UKI for the property.
Kelaty House is a freehold commercial property located at First Way, Wembley HA9 0JD, within the Wembley Regeneration Area, in close proximity to the iconic Wembley Stadium.
The property is 1.03 ha and is currently fully leased.
Lum Chang’s wholly-owned subsidiary, Wembley Properties, incorporated two wholly-owned subsidiaries in Jersey, Channel Islands, Kelaty Holdings and Kelaty Propco.
Kelaty Holdings holds 100% equity interest in Kelaty Propco and both subsidiaries were incorporated for the purposes of undertaking property investment projects in the UK.
Lum Chang says the proposed acquisition is an expansion of its property business and is expected to provide a rental income stream to the group in the short term.
The property has existing planning consent from the relevant planning authorities to be redeveloped into a mixed-use development.
The group says it is currently reviewing its options and will make an appropriate decision in due course.
A deposit of £2.55 million has been paid to UKI’s solicitors.
On completion of the proposed acquisition, Kelaty Propco will pay the balance of £22.95 million.
The consideration is to be initially funded by Lum Chang Holdings’ internal cash resources, but the group may explore external debt financing in the future.
Completion of the proposed acquisition is expected to take place on or about Aug 28.
Lum Chang Holdings shares opened at 39 cents this morning.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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