SINGAPORE (Apr 24): Oxley announced that its associated company, Oxley Kyanite, has today exercised the option to purchase issued on Apr 3 to acquire the Pei-Fu Industrial Building for $76.25 million.

Oxley Kyanite is also 51% indirectly-owned by SLB Development, a property developer which was spun off from Lian Beng Group.

The freehold industrial property is located at 24 New Industrial Road in Singapore, and has a land area of about 5,792.1 sqm.

The group intends to redevelop the property, subject to obtaining all the necessary approvals from the relevant authorities.

Both Oxley and SLB will be funding their respective portions using their respective internal resources and external borrowings.

As at 1.11pm, shares in Oxley, SLB and Lian Beng are trading at 49 cents, 23.5 cents and 62 cents respectively.