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Ramen chain Yoshiharu Global Co. (Nasdaq: YOSH) is partnering with real estate firm Good Mood Studio, known for property flipping, to pursue real estate development for additional “engines of growth,” the company said in a statement.
Buena Park-based Yoshiharu will also invest $2 million to acquire a 10% stake in a related private investment platform Wealthrail, also started by Good Mood’s founder.
Yoshiharu Chief Executive James Chae said the company is aiming to position itself “as a leading PropTech player in the U.S. market over the mid to long term.”
“We have now acquired two residential properties through Wealthrail and plan to expand joint operations and acquisitions within the year to diversify our revenue and establish a solid foundation for long-term growth,” Chae added.
Yoshiharu shares fell 3.95% to $13.95 apiece during midday trading with a market cap of $25 million.
The restaurant chain on May 5 reported first quarter revenue jumped 25% to $3.5 million compared to a year ago. It currently owns and operates 15 restaurants in Southern California and Las Vegas.