Perennial-led consortium divests entire stake in Chinatown Point Mall
By Timothy Tay
/ EdgeProp |
Perennial Real Estate Holdings and its consortium of investors have fully divested all of their 100% interests in entities that own the retail mall and four strata office units in Chinatown Point Mall. The $225 million transaction was through a share and purchase agreement with PAR Chinatown Point, a wholly-owned vehicle of a fund managed by Pan Asia Realty Advisors. The latter is a joint venture between Mitsubishi Estate and CLSA.
The $225 million transaction was through a share and purchase agreement with PAR Chinatown Point (Picture: Perennial Real Estate Holdings)
The sales consideration is based on a property price of $520 million, which translates to $2,450 psf on the total net lettable area of Chinatown Point Mall. Perennial is the largest investor with a 50.64% effective interest, and its proportionate stake in the net proceeds from the sale is expected to be about $125.3 million. The other investors of Chinatown Point Mall include Singapore Press Holdings and FPTM.
The transaction is expected to close on or near June 6, 2019. Thereafter, Perennial’s wholly-owned subsidiary, Perennial (Singapore) Retail Management, will continue its role as the manager of the property. According to Perennial CEO Pua Seck Guan, the divestment is “aligned with Perennial’s active capital recycling strategy to rebalance its portfolio and maximise returns for shareholders”.
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