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Fragrance Group on Tuesday (31 January) announced that it set up a wholly owned subsidiary in the UK, in light of its bid to acquire a 4,570 sq m property in Liverpool.
With an initial paid up capital of £1 million (S$1.78 million), Fragrance UK-Liverpool emerged as the top contender from the public tender exercise to acquire the historic property, it said in an SGX filing.
The property was being sold by Liverpool City Council on a 250-year lease, with an option to acquire the freehold title upon the completion of certain works.
Located at Dale Street, Liverpool, L2 2DH, the property enjoys good rail connections, while the surrounding area is mainly hotel / commercial / retail in nature.
The company also revealed that the building, which opened in 1866, spans three floors and has 11,494 sq m of floor area. It noted that the property could be used for various alternative uses, including residential accommodation, hotel and leisure or retail space.
“Upon the successful award of the tender, the acquisition of the property is not expected to have a material impact on the net tangible assets or earnings per share of the company for the current financial year ending 31 December 2017,” it said.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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