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Thursday, August 2, 2012

Amcorp unit in pact to buy London property

KUALA LUMPUR: Amcorp Properties Bhd's wholly-owned subsidiary, Old Burlington Ltd, has entered into a shareholders' agreement with NL (Pollen) Ltd and HPL (Mayfair) Pte Ltd, to purchase a freehold property in London.

In a filing to Bursa Malaysia, Amcorp Properties said following the agreement, the maximum funding commitment to be made by Old Burlington is STG23.75 million (RM117.6 million) as its share.

"The three entities have agreed to form Ten Acre (Mayfair) Ltd, a joint-venture entity, whereby the agreed proportion of shares would be 10 per cent for NL Pollen, 65 per cent for HPL Mayfair and 25 per cent for Old Burlington.

"The property, located in central London, comprises a mid-terraced, Mayfair office building totalling 7713.18 square metres of commercial accommodation over basement, ground and eight upper floor levels," it said.

The group said the joint venture would allow it to foray into the larger property investment opportunities in prime central London, while expanding its property portfolio there.

On the source of funding, Amcorp Properties intends to finance its portion of the capital contributions internally and through its subsidiaries.

"The joint venture is expected to contribute positively to the future earnings and growth of Amcorp Properties," it added.

By Bernama

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