Heeton Holdings' (SGX:5DP) wholly owned subsidiary, Heeton Capital, entered into a shareholders agreement with NineCo Investments and Astra Horizon Ventures for a new joint venture company named QS Edinburgh.
The JV has been incorporated in Singapore to acquire an 82-key aparthotel in Edinburgh, UK, from a third party vendor, with the purchase to be partly funded by equity contribution from the partners and shareholders loan, the filing said.
Under the agreement, Heeton Capital owns an 85% stake in the JV, while Astra and NineCo will own respective stakes of 10% and 5%.
The JV Partners will extend a loan of about 25.0 million pounds sterling to the JV.
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