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Singapore-listed TEE Land, via its subsidiary TCK Commercial Pty Ltd, has proposed to acquire two commercial units in Sydney, Australia for A$535,000 (S$547,266).
Located at 2-14 Kings Cross Road, Potts Point NSW, Suite 10-08 will be acquired from Warren Martin Sonin and Gavin James Ambler Atkins for A$280,000 (S$286,412), while Suite 07-08 from Danati Pty Ltd for A$255,000 (S$260,859.53), said TEE Land in a SGX filing.
It also revealed that it has completed the acquisition of another commercial unit, Suite 7-04.
The group plans to finance the acquisitions, which is expected to be completed by February and March 2016 respectively, using internal funds and bank borrowings.
The acquisitions are not expected to have any material impact on the net tangible assets or earnings per share of the group for the financial year ending 31 May 2016.
TCK Commercial is 55 percent held by TEE Land’s wholly-owned subsidiary, TEE Hospitality, 10 percent held by Peter & Jan Clark (Levey Street) Pty Ltd (Clark) and 35 percent held by Kenmooreland Pte Ltd (Kenmooreland).
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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