The group aims to expand its investment portfolio and build revenue streams.

Heeton Capital, a Heeton Holdings subsidiary, has entered a joint venture with Astra Horizon Venture and NineCo Investments to acquire an 82-key aparthotel in Edinburgh, UK.

The joint venture, QS Edinburgh, was established to own the property, with funding sourced from equity contributions and loans provided by the joint venture partners.

Heeton Capital will hold an 85% stake in QS Edinburgh, whilst Astra and NineCo will own 10% and 5%, respectively.

The partners will provide shareholders' loans totalling $43m to the joint venture company, aligned with their respective shareholdings. Heeton Capital's portion of the subscription amount and loan is anticipated to be $36.5m, approximately 8.7% of the group's audited tangible assets as of 31 December 2023.

Heeton Capital views the venture as an opportunity to develop sustainable revenue streams, expand its investment portfolio, and leverage the expertise and networks of its partners.

Additionally, the group plans to provide hotel management services to QS Edinburgh or its subsidiaries upon completion of the transaction.