Kimly buys six food outlet properties
Singaporean coffee shop operator Kimly has completed acquisitions of six food outlet properties for US$25.4 million.
The acquisitions include two coffee shops, three industrial canteen units and a restaurant. The firm is poised to acquire two further coffee shops pending approvals, which have been delayed by the coronavirus pandemic. Funding for the new properties was partially obtained via the issuance of 22 million new shares.
Most of the acquired properties will progressively undergo asset enhancement initiatives such as layout improvements, increase of seating capacity, and the introduction of new food concepts aimed at retaining current food stall operators, attracting new food stall tenants as well as better serving customers.
“We continue to look for opportunities to acquire and operate more strategically located food outlets with the view of enhancing long-term shareholder value and the group’s profitability,” read a statement by directors of the group.
“Moving ahead, we remain committed to our strategy to pursue long-term direct ownership in properties where the group operates and manages food outlets to further extend our presence across the heartlands of Singapore.”
With the completion, Kimly’s total number of food outlets increases from 73 to 79, complemented by an additional four drink stalls and three food stalls. It has increased its number of food outlets and food stalls from 64 to 79 and from 121 to 137 respectively since its IPO.
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