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Singapore Press Holdings gains loan facility for property unit

By PC Lee

/ The Edge Markets |

September 14, 2017 4:38 PM SGT

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Singapore Press Holdings says it has signed a deal for an unsecured four-year loan facility of $280 million for its property unit.

The four-year loan from Oversea-Chinese Banking Corp. will be used by SPH's unit Times Properties for it to provide shareholders’ contributions to for TPPL to provide shareholders’ contributions to Elara 1 and Callisto 1.

SPH announced the award of the tender of the site at Upper Serangoon Road by the Housing & Development Board, to Elara 1 and Callisto 1 on June 21.

Each of Elara 1 and Callisto 1 is a 50-50 joint venture company equally and ultimately owned by SPH and Kajima Development, to undertake the mixed commercial and residential development on the site.

Analysts say the deal underscores the media firm's increasing focus on real estate as a growth vehicle amid falling advertising sales that have hurt its core business.

Shares in SPH are trading 2 cents higher $2.60, though still down nearly 27% so far this year.

This story first appeared on The Edge

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