SINGAPORE (June 4): LHN, the real estate management group, announced Thursday, is setting up a joint venture with car fleet rental company Lion City Rentals (LCR), to acquire and operate a JTC industrial property (JV Property) at Toa Payoh West for $3.2 million.
LHN’s indirect wholly-owned subsidiary WPS on June 3 entered into a joint venture agreement with LCR, as well as Motorway Automotive (JV Company).
Motorway Automotive was incorporated on Aug 19, 2019 with an initial issued share capital of $100 comprising 100 shares, which were wholly-owned by LCR. The JV Company was intended to acquire and run the JV Property as part of the industrial property portfolio under the space optimisation business of the group. It will be accounted for as an associate of the group.
