SLB Development has announced a couple of acquisitions of properties meant to give it more recurring income.
The first is a pair of shophouses, 30 and 31 North Canal Road, for $14.38 million. The four-storey buildings have a total land area of 3,207.64 sq ft and a net lettable area of 11,464 sq ft.
Next, SLB is acquiring 225 King Street at, Melbourne for A$35.5 million. This property is a 12-storey office building in the CBD.
In addition, SLB has completed the $74.8 million joint-acquisition of Hotel Clover with Weave Living. This deal was first announced on March 11. The new owners plan to reposition this hotel into serviced residences.
CEO Matthew Ong says these deals marks “good progress” by the company in diversifying its short–term recurring income stream both by asset types and by geographic base.
“We intend to further value add through various asset enhancement initiatives to all three assets,” he says.
SLB last traded at 12 cents, and up 5.45% year to date.
