Hong Kong-based Henderson Land Development’s subsidiary Urban Kirin has signed an agreement to purchase the retail assets of Uny from Japanese convenience store chain FamilyMart for $38.2m.

The deal will expand Henderson’s retail business in Hong Kong and Kowloon and increase its store portfolio.

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FamilyMart currently owns and operates department stores, supermarkets, and a discount store in Hong Kong under Apita, Uny, Piago and Watashi to Seikatsu banners.

These department stores and supermarkets are targeted at middle-class households and are similar to the Citistores of Henderson. In addition, the Japanese fresh produce and food products will expand product offerings to its retailing customers.

Henderson will also get exclusive right and license to use certain trademarks for the Uny stores in Hong Kong for ten years.

“The acquisition is expected to further strengthen the position of the group in the local retailing industry.”

Henderson said in a statement: “The acquisition is expected to further strengthen the position of the group in the local retailing industry.”

“Taking advantage of the sound experience and valuable merchandise sourcing experience of the target company, the acquisition will produce synergy effect. There are potential synergy and cost-saving opportunities for merchandising and other back-office functions.”

Henderson has also signed a master supply agreement for the supply of certain products from Japan to Uny’s stores.

Following the transaction, Uny will become an indirect wholly owned subsidiary of the company.

The acquisition is subject to certain customary conditions, including approval of shareholders and potential investors.