KUALA LUMPUR: Property developer Selangor Dredging Bhd is purchasing a piece of freehold land in London, together with properties atop of it, through its indirect subsidiary for £9.83 million (RM48.34 million).

In a filing to Bursa Malaysia on Thursday, Mar 10, the company said that SDB Guernsey Ltd had on Mar 9 entered into a contract with Pat Hurley, Adrian Copeland, Michael Farrell and Richard Lehane as Trustees for The Kensington High Street Syndicate to acquire a freehold piece of land known as 94 Kensington High Street, London W8 4SG together with a four-storey building constructed thereon.

SDB Guernsey is a unit of Chedstone Investment Holdings Pte Ltd, a 50% associate of SDB International Sdn Bhd, which in turn a unit of SDB.

"The property is currently let to HSBC Bank Plc on a 15 year full repairing and insuring lease expiring on Feb 20, 2020. The current rent is £410,000 per annum," it added.

The acquisition will be funded by a combination of internally generated funds and/or bank borrowings of SDB Guernsey.

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