Tito Isaac & Co LLP advises on S$55.8 Million
Asset Acquisition by Kimly Limited
Advising On A $55,800,000 Deal
Tito Isaac & Co LLP’s corporate department was recently engaged by Jin Wei Food Holdings Pte Ltd, a wholly owned subsidiary of the SGX (sgx.com) Catalist-listed company, Kimly Limited (kimlygroup.sg), to advise on the acquisition of a portfolio of food outlet properties comprising, restaurant units, coffee shop leases, coffee shop units and industrial canteen units, for a total purchase consideration of S$55.8 million.
With the invaluable assistance of our Real Estate Practice, we are pleased to announce that phase one of the project was completed on 3 June 2020. Kimly Limited made the announcement through SGX on the same date.
Acquisitions and Joint Ventures
Completion for the remaining properties has been held back due to delays caused by the Covid-19 pandemic. The transactions contemplated include 2 further asset acquisitions and 3 joint ventures.
The entire transaction primarily involved outright asset purchases; the purchase of shares in property-holding entities; and the formation of joint ventures with various parties.
Comprehensive Legal Advice
Our corporate department was involved in carrying out legal due diligence on the properties and various entities; advising on the structure of the transaction and preparing the transaction documents, while our Property team rendered advice on the additional conveyance duties payable on the asset purchase and on matters relating to the property acquisitions.
For more information, please contact us at:
Special thanks to alumni Denyse Yeo, Ivan Lee & Valerie Quek who were involved in this matter while they practiced with Tito Isaac & Co LLP.