acquisition

Singapore Exchange posts 2.6% increase in 2Q earnings to $99.0 mil, acquires 93% stake in Scientific Beta for $280 mil

SINGAPORE (Jan 23): Singapore Exchange (SGX) reported 2Q20 earnings of $99.0 million, 2.6% higher than $96.5 million a year ago. 

This brings 1H20 earnings to $213.3 million, a 13.7% increase from $187.6 million reported for 1H19. 

Operating revenue for the quarter saw a 3% increase to $230.9 million compared to $224.2 million in 2Q19. This was spearheaded by a 19.9% spike in the exchange’s fixed income, currencies and commodities segment, as well as a 3.6% increase in the data, connectivity and indices segment. 

UOI to buy Robinson Road property from UOB for $52 mil

SINGAPORE (Dec 18): United Overseas Insurance (UOI) is acquiring an office property located at 146 Robinson Road from United Overseas Bank (UOB) for $52 million, the group reported on Wednesday. 

The property is a 12-storey office building with a gross floor area (GFA) of 4,631.49 sqm, and has a leasehold estate of 99 years from June 3 1992. 

UOI, which is the insurance arm of UOB, will be satisfying the total consideration in cash from internal sources. A $2.6 million deposit was paid to UOB upon signing of the agreement on Wednesday. 

Keppel Seghers acquires 18% stake in environmental solutions provider Zerowaste Asia for $5 mil

SINGAPORE (Dec 16): Keppel Seghers, the wholly-owned subsidiary of Keppel Infrastructure, which is a division of Keppel Corporation, is set to acquire an 18.18% stake in environmental solutions provider Zerowaste Asia for $5 million. 

Singapore-based Zerowaste Asia offers one-stop environmental solutions in industrial waste and wastewater management. The group currently has a presence in both Singapore and China. 

Singapore's GIC to buy logistics properties in Europe for US$1 billion

SINGAPORE (Dec 13): GIC, Singapore’s sovereign wealth fund, said it had signed a deal to buy a logistics real estate portfolio from funds managed by private-equity firm Apollo Global Management’s affiliates for about 950 million euros ($1.4 billion).

The portfolio comprises 28 logistics assets across Europe, including in Germany, Poland, Slovakia, Netherlands, Belgium and Austria, GIC said in a statement on Friday.

It said the deal would help scale up its P3 logistics platform. The firm bought P3 Logistic Parks three years ago.

Thakral acquires another Queensland property to expand retirement housing venture

SINGAPORE (Dec 3): Thakral Corporation is set to acquire another 46.4 hectares of prime land in Queensland, Australia, through its GemLife joint venture for over-50s retirement housing. 

In a regulatory filing on Tuesday, Thakral said that the land, located in Pimpama, within the Gold Coast region, will accommodate a world-class lifestyle resort for those aged above 50 years old. 

GemLife has committed about A$20 million ($18.7 million) to the resort, which will be its largest to-date.

Cromwell E-REIT acquires office building in Italy for $26.6 mil in total

SINGAPORE (Nov 29): Cromwell European REIT (CEREIT) has completed the acquisition of a freehold office property in Italy for a total cost of 18.5 million euros ($27.8 million).

The acquisition is part of its strategy of recycling capital by selling non-core assets and reinvesting them in higher-yielding assets to benefit unitholders, says CEREIT's manager.

Built in 1982, the recently renovated building is located in the Colleoni Business Park in Agrate Brianza, about a 30-minute drive north-east of Milan.

HP reiterates its rejection of Xerox's offer to buy the company

(Nov 25): HP Inc reiterated on Sunday its rejection of Xerox Corp’s US$33.5 billion ($45.7 billion) cash-and-stock offer for the company, adding that the proposal “significantly undervalues HP.”

The personal computer maker said last Sunday it rebuffed Xerox’s offer, and that it was open to exploring its own bid for the U.S. printer maker. Xerox had offered HP shareholders US$22 per share, involving US$17 in cash and 0.137 Xerox share for each HP share, according to a Nov. 5 letter.

Google's Fitbit deal is all about data, not fitness

SINGAPORE (Nov 18): Two weeks ago, search giant Google acquired fledgling fitness device maker, Fitbit, for US$2.1 billion ($2.9 billion). In mid2015, Fitbit was listed at a US$4.1 billion valuation, with its stock soaring to US$51.90 within six weeks of its IPO, or a peak valuation of more than US$13 billion. Indeed, until rumours of Google parent Alphabet’s impending deal first surfaced a month ago, Fitbit stock was languishing around US$3.40 a share, or a valuation of US$1 billion.

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SPH REIT to acquire 50% stake in South Australia's largest shopping centre for $636.5 mil

SINGAPORE (Nov 7): SPH REIT is acquiring a 50.0% stake in Westfield Marion Shopping Centre in Adelaide, Australia, for a consideration of A$670.0 million ($636.5 million). 

Marion Sub Trust, which is wholly-owned by SPH REIT, on Thursday entered into a sale of land contract with investment management platform Lendlease Real Estate Investments.

The acquisition is expected to be completed by end-2019. Post-completion, Scentre Group, the current co-owner of the shopping centre, will be SPH REIT’s partner in the joint venture.

GIC acquires landmark office building in Beijing's emerging financial centre

SINGAPORE (Nov 7): Singapore sovereign wealth fund GIC has reportedly acquired a 50% stake in an office building in Lize Financial Business District (LFBD), an emerging central business district in Beijing, for an undisclosed sum.

The 42-storey Grade A building is situated in a prime location in terms of visibility and accessibility, says GIC in a media release on Thursday. 

GIC notes that the building is the tallest in the district, and is directly connected to an interchange station for key public transport lines.

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