LHN’s indirect, wholly-owned subsidiaries LHN SB 2 and Coliwoo (BR) have each entered into an option to purchase properties located at 75 Beach Road for an aggregate consideration of $8.4 million respectively, amounting to $16.8 million in total.
The properties being purchased encompass eight residential flat units located on the third to sixth floors of the building.
LHN SB 2 will purchase four units located on the third and fourth floor, which the group says will be converted into its headquarters, which will be moved from its current location at 10 Raeburn Park.
SEE:LHN acquires Amber property through JV company for $27 mil
Coliwoo (BR) will purchase the other four units located on the fifth and sixth floors, which the group says it intends to operate as a co-work and co-live space that will expand its portfolio of properties under the Coliwoo brand.
The acquisitions will be funded by internal sources of funding and bank borrowings.
Shares in LHN closed 0.8 cents or 4.02% lower at 19.1 cents on April 12.
