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- According to its bourse filing, the units, located on North Gower Street in London, have a combined net lettable area of 6,248 sq ft and, based on existing tenancies, could generate annual rental income of £330,576 (RM1.79 million). This translates into a rental yield of about 6.4%.
KUALA LUMPUR (Nov 21): Ken Holdings Bhd (KL:KEN) said its wholly-owned subsidiary, St Paul’s Ventures Ltd, is acquiring nine freehold residential units in central London for £5.16 million (RM27.98 million).
According to its bourse filing, the units, located on North Gower Street in London, have a combined net lettable area of 6,248 sq ft and, based on existing tenancies, could generate annual rental income of £330,576 (RM1.79 million). This translates into a rental yield of about 6.4%.
Ken Holdings said the assets will be acquired on an “as is, where is” basis, free of encumbrances, from The Wellcome Trust Ltd, a charity registered in England and Wales. The purchase price was determined on a willing-buyer, willing-seller basis following a bid submitted to Knight Frank LLP, the vendor’s agent.
The group added that the acquisition will be fully funded through internally-generated funds, without external financing.
It added that the acquisition will be fully funded through internally-generated funds without raising external financing.
Ken Holdings noted that the deal supports its diversification strategy by broadening its asset base and enhancing earnings visibility over the long term.
The acquisition will not affect share capital or substantial shareholders’ stakes, and is not expected to materially impact earnings for the financial year ending Dec 31, 2025.
The company said no liabilities will be assumed and no shareholder or regulatory approvals are required for the transaction. The deal will be completed within 14 working days.
Shares in Ken Holdings closed unchanged at 50 sen on Friday, valuing the group at RM95.86 million.
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