SINGAPORE - 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 $155.1 million in cash.
Shun Tak already owns the remaining 70 per cent stake in the development, having bought it for $1.26 billion from a Perennial-led consortium in January 2017. 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 $25 million from the deal.
Just last year, the property had undergone a major asset-enhancement exercise costing about $120 million. Works had involved enhancing the retail offerings at the retail podium, incorporating medical suites of about 32,000 sq ft, and sprucing up the office lobby and common areas.
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Source: BusinessTimes - 🏆 15. / 51 Read more »