SINGAPORE (May 8): A consortium of investors led by Singapore-listed Perennial Real Estate Holdings announced on May 6 that they are selling a 50% stake in AXA Tower and transferring 50% of the outstanding loan to Alibaba Singapore, a subsidiary of NYSE-listed Chinese e-commerce behemoth, Alibaba Group Holdings. The deal is based on a property purchase price of $1.68 billion for AXA Tower. JLL was the adviser to Alibaba Singapore on the deal, which is expected to be completed by end-June 2020.

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