Perennial and SPH acquire additional stakes in Perennial Chinatown Point

By
/ EdgeProp
|
November 8, 2017 5:55 PM SGT
Perennial Real Estate Holdings and Singapore Press Holdings are acquiring additional stakes in Perennial Chinatown Point at about $8.5 million and $5.1 million respectively, from seller Charles Quay International. This translates to a purchase price of about $2,080 psf.
Perennial Chinatown Point owns the six-storey retail podium and four strata office units at Chinatown Point, which sits on a land area of 99,203 sq ft. The retail podium, which has two basement levels, comprises a total net lettable area (NLA) of 208,798 sq ft. The four strata office units have an NLA of 4,230 sq ft.
Following the acquisition, Perennial’s stake in Perennial Chinatown Point will increase by 5.49% to 50.64%, while SPH’s interest will increase by 3.33% to 30.68%. This means Perennial will continue to be the largest investor in Chinatown Point.
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Prices were derived based on the agreed property value of $442.5 million, less the outstanding bank borrowings of Perennial Chinatown Point, adjusted for the respective stakes purchased.