SINGAPORE (July 13): A quartet of property developers have jointly acquired a “prominent site” in Leeds, UK to embark on a mixed property development.

The consortium comprising KSH Holdings, Lian Beng Group, Ryobi Kiso Holdings and led by Heeton Holdings did not disclose the purchase price.

Ryobi Kiso is part of the consortium via its 75%-owned subsidiary Leeds Investment & Development.

In a joint statement to the stock exchange, the consortium said Heeton will hold an effective interest of 55% in the property development, while KSH, Lian Beng and Leeds Investment & Development will have effective interests of 15% each respectively.

It said the site located near Leeds City Centre and measuring about 2.45 acres has received approval to build “over one million square feet of mixed-use development”.

The development will be a long-term project and will be executed in phases, it added.

According to the statement, the acquisition marked the consortium’s second venture in UK, following its maiden acquisition in Hammersmith, London in March this year.

The quartet will continue to look for more opportunities going forward and further expand its UK portfolio.

Commenting on the latest development in Leeds, Heeton CEO Vince Toh was delighted over the partnership between the four property developers.

“We are extremely delighted that the four partners have come together again to leverage on our track records and experiences in order to expand beyond our shore,” he said.

Lian Beng executive chairman Ong Pang Aik believes the UK property market offers many opportunities.

“This project is part of the group’s strategy to expand its portfolio of overseas assets,” he said.

“The prime site is situated within the Leeds City Centre where there is high growth potential and development flexibility,” chimed in Choo Chee Onn, the executive chairman and managing director of KSH.

Meanwhile, Ryobi Kiso CEO and executive director Ong Tiong Siew remarked: “This is a great opportunity for us to build up a diversified property development portfolio, especially in a good market like UK.”

Heeton, Ryobi Kiso and KSH closed flat at 60 cents, 10.5 cents and 50.5 cents respectively. Lian Beng ended up 2 cents or 3.9% to 54 cents.