PERENNIAL Real Estate Holdings is divesting its entire 30-per-cent stake in 111 Somerset, known locally as TripleOne Somerset, to gambling mogul Stanley Ho's Shun Tak Holdings for S$155.1 million in cash.
111 Somerset is a prime integrated development, comprising two premium-grade office towers and a retail podium. It is located in the Orchard Road precinct and next to Somerset MRT station, and is also near the affluent Devonshire and River Valley residential areas. Shun Tak already owns the remaining 70 per cent stake in the development, having bought it for S$1.26 billion from a Perennial-led consortium in January 2017.
In the current deal, Perennial, through a subsidiary, will sell its 30-per-cent stake in Perennial Somerset Investors to Simply Swift Limited, a unit of Shun Tak. Perennial Somerset Investors owns 111 Somerset. Perennial said the transaction is in line with its"active capital recycling strategy to rebalance its portfolio, enhance its financial flexibility and maximise its returns to shareholders". The real estate player stands to net a pre-tax gain of about S$25 million from the deal.
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Source: BusinessTimes - 🏆 15. / 51 Read more »