Venture buys freehold industrial site in California for $39.63m

The property will be used for Venture's collaborations with business partners.

Venture Corporation Limited (Venture) entered a sale and purchase agreement for a industrial freehold property in 1621 Barber Lane, California for $39.63m (US$29.37m).

According to an announcement, the property comprises a freehold estate with a land area of approximately 9.64 acres and an industrial building built-up of approximately 182,405 sqft.

Venture plans to renovate and refurbish the site to meet its intended purposes for the property.

The property will be used to forge new alliances, partnerships and ventures that will enable the group to participate in advanced new technologies and businesses.

Venture said it will also use the property to foster innovation and collaborate with its upstream and downstream business partners.

The proposed acquisition will be entirely funded by internal resources.