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SPH raises stake in Chinatown Point Mall to 27.35%
By PC Lee / theedgemarkets.com.sg | November 28, 2016 : 8:39 PM MYT
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SINGAPORE (Nov 28): Singapore Press Holdings is increasing its stake in Chinatown Point Mall located along New Bridge Road which has a retail mall and four strata office units
SPH is making the acquisition under a partnership agreement with Perennial Real Estate Holdings.
Under the agreement, SPH and Perennial will acquire a 20% and 40% stake in Perennial Chinatown Point LLP (PCP LLP), the owner of Chinatown Point Mall, respectively.
The sale and purchase agreement was signed on Monday by SPH subsidiary CT Point Investments and Perennial subsidiary Perennial Singapore Investment Holdings with sellers LuxCo 98 S.A.R.L and Savills Fund Management GmbH, both of which are funds are managed by Savills Investment Management.
CT Point currently holds a 7.35% stake in PCP LLP. Following the acquisition, CT Point’s interest in PCP LLP will increase to 27.35%.
Under the agreement, CT Point and Perennial will acquire the 60% stake for a consideration of $30.9 million to be satisfied by cash, of which $15.4 million will be payable to each of LuxCo 98 and Savills FM.
The consideration was derived based on the agreed property value of $442.5 million less the outstanding bank borrowings of PCP LLP, adjusted for a 10% interest to each of LuxCo98 and Savills FM.
In its regulatory filing, SPH says the acquisition will have no material impact on the earnings and the net tangible asset per share of SPH for the financial year ending Aug 2017.
None of the directors of SPH has any interest, direct or indirect, in acquisition, it adds.
Shares of SPH closed 4 cents higher at $3.70 while Perennial closed 1 cent higher at 83 cents on Monday.
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