LHN together with its JV partner WSF have completed their acquisition of 202 Kallang Bahru Property on 4 February 2020
Real estate management services group LHN Limited (“LHN”, and together with its subsidiaries and associated companies, the “Group”; SGX stock code: 41O; SEHK stock code: 1730), have announced on 4 February 2020 that its wholly owned subsidiary WPS KB Pte Ltd together with its JV partner W&S Flexi Pte Ltd (“WSF”), have completed their acquisition of a JV Property, being an industrial property located at 202 Kallang Bahru Singapore 339339, for a consideration of S$17 million plus GST.
The JV Property is an 8-story light industrial factory with a single-storey annex warehouse with mezzanine level and shall be used as self storage with automated retrieval cum logistics activities and ancillary office; under their Work Plus Store concept. As of to-date, the Group manages 9 locations across Singapore under the Work Plus Store concept.
About LHN Limited
LHN Limited (the “Company”, and together with its subsidiaries, the “Group”) is a real estate management services group, with the ability to generate value for its landlords and tenants through its expertise in space optimisation, and logistics service provider headquartered in Singapore.
The Group currently has three (3) main business segments, namely: (i) Space Optimisation Business; (ii) Facilities Management Business; and (iii) Logistics Services Business, which are fully integrated and complement one another.
Under its Space Optimisation Business, the Group primarily secures master leases of unused, old and under-utilised commercial, industrial and residential properties and through re-designing and planning, transforms them into more efficient usable spaces, which are then leased out by the Group to its tenants. Space optimisation generally allows the Group to enhance the value of properties by increasing their net lettable area as well as potential rental yield per square feet.
The Group’s Facilities Management Business offers car park management services and property maintenance services such as cleaning, landscaping, provision of amenities and utilities, and repair and general maintenance principally to the properties it leases and manages, as well as to external parties.
Under its Logistics Services Business, the Group provides transportation services, container depot management services and container depot services. The Group transports mainly ISO tanks, containers, base oil and bitumen, provides container depot management services and provides container depot services which include container surveying, container cleaning, on-site repair and storage of empty general purpose and refrigerated containers (reefer).
The Group currently operates mainly in Singapore, Indonesia, Thailand, Myanmar, Cambodia, Hong Kong and China.