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Perennial Real Estate Holdings has acquired an additional 5.49 percent stake in a company that owns a retail mall and four strata office units in Chinatown Point for about $8.48 million in cash.
According to an SGX filing on Friday (3 November), the stake in Perennial Chinatown Point LLP (PCP LLP) is being acquired by its wholly-owned unit Perennial Singapore Investment Holdings from Charles Quay.
The consideration translates to around $2,080 psf of net lettable area in the properties collectively known as Chinatown Point Mall based on its $442.5 million agreed total valuation, minus PCP LLP’s outstanding bank loans.
It said the purchase price was on the same basis as the prior acquisition of a 40 percent stake in PCP LLP from Savills Fund Management GmbH and LuxCo 98 S.A.R.L on 22 December 2016.
At present, Perennial Group holds a 45.15 percent stake in PCP LLP, but after the completion of the latest transaction on Friday, its holdings increased to 50.64 percent, maintaining its dominant position as the biggest investor in Chinatown Point Mall.
Furthermore, the transaction is not expected to have any material effect on Perennial Group’s net tangible assets or earnings per share for the current financial year.
(Photo: Chinatown Point)
This article was edited by Keshia Faculin.
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