KUALA LUMPUR, March 14 — AmCorp Properties Bhd’s joint venture (JV) subsidiary, Kilmuir House (UK) Ltd, has entered into an agreement with the London Mayor’s office for Policing and Crime to acquire a leasehold property comprising 49 two-bedroom apartments at Kilmuir House, Ebury Street, for 45 million pounds (about RM262.35 million).
Kilmuir House (UK) is a subsidiary of Kilmuir House (Jersey) Ltd, a JV between AmCorp Properties’ indirect wholly-owned unit, Amcorp Kilmuir Ltd, and Clan Kilmuir (Jersey) Ltd.
AmCorp Properties Bhd in a filing to Bursa Malaysia today said the funding for Amcorp Kilmuir would be internally generated and bank borrowing.
“The JV is an extension of the company’s strategy to acquire properties in prime central London for value-add or redevelopment into upmarket and highly coveted properties,” it added.
It said the JV is expected to contribute positively to the future earnings and growth of AmCorp Properties.
On the same day, Amcorp Kilmuir also entered into a subscription and shareholders agreement with Clan Kilmuir to regulate its participation in the JV.
It said the agreement governed the material aspects of the investment to be made in the JV by Amcorp Kilmuir and Clan Kilmuir, and conduct of business of the JV, including the terms on which it would be operated.
“It also regulates the relationship between Amcorp Kilmuir and Clan Kilmuir as well as the JV,” it added.