KSH, Heeton and Lian Beng JV acquires 67 percent of Australia property development

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A joint venture between Heeton Holdings, KSH Holdings and Lian Beng Group has acquired a 67 percent stake in a Brisbane, Australia, property for A$5.5 million, or around S$5.23 million, from Marvel Investments, the companies said in filings to SGX Wednesday.

Under the deal, the joint venture will acquire 186 Wickham Street (Residential), an Australia-based property development and property investment holding company which owns land at 186 Wickham Street, in Brisbane, the filings said.

The buyer of the property, called Wickham 186, is 15 percent owned by KSH, 55 percent owned by Heeton Holdings and 30 percent owned by Lian Beng, the filings said.

After the deal, 186 Wickham has become a wholly owned subsidiary of Wickham 186, the filings said.

The consideration was settled in cash, the filings said.

KSH and Heeton said they funded their shares of the consideration via internal funds and external borrowings. Lian Beng said it funded its portion of the consideration via internal funds and/or external borrowings.

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