Lum Chang Holdings to acquire freehold property in London for S$52m

Located at 52-57 Prince's Square.

The Board of Directors of Lum Chang Holdings Limited (LCH) announced that its wholly-owned subsidiary, Pembridge Palace Propco Limited (PPPL), has entered into a sale and purchase agreement (SPA) with Purple Sky Sarl (PSS) on 9 December 2013 to acquire the freehold property located at 52 to 57 Prince's Square, London W2 4QB for a consideration of £5.2 million or approximately S$52 million.

Situated in the City of Westminster Borough next to tourist attractions such as Hyde Park and Kensington Gardens, the property extends to approximately 30,099 sq ft within six intercommunication buildings and is currently leased to a sole tenant which operates the property as a hotel.

The LCH Group acquired the property as an investment, which is in the ordinary course of its business.

A deposit of £2,598,900 million or approximately S$5.2 million has been paid to PSS's solicitors upon execution of the SPA.

Completion of the proposed acquisition is expected to take place on 13 January 2014.

On the completion of the proposed acquisition, PPPL shall pay the remaining £23,390,100 or approximately S$46.8 million. The consideration is to be satisfied through external borrowings and LCH Group's internal cash resources.