acquisition

Medinex makes $1.2 mil acquisition of business support services firm

SINGAPORE (May 8): Medinex Limited is acquiring full ownership of SKI Corporate Services and SKI Consultancy, collectively known as the SKI Group, for a total consideration of $1.2 million.

The SKI Group provides business support services such as accounting, tax and corporate secretarial services to clients mainly in the IT advertising industries, which Medinex claims not to have a strong foothold in.

Metro bets on decentralised office market with $45.6 mil investment in Tampines property

SINGAPORE (April 18): Metro Group has acquired 7 & 9 Tampines Grande, a premium Grade A office property in Singapore, through a 50:50 joint venture (JV) between its subsidiary Metrobilt Construction and an affiliate of SRIF GP.

On its part, Metro will be investing about $45.6 million for its 50% capital commitment share.

Through the newly-incorporated JV company, Ascend TGrande, both Metro and SRIF have agreed to purchase T-Grande Investment Holding from Golden Crest Holdings, a wholly-owned subsidiary of City Developments.

Heeton-led consortium acquires Crowne Plaza hotel in London for $149 mil

SINGAPORE (April 14): A consortium led by Heeton Holdings has fully acquired LC London, which owns the Crowne Plaza London Kensington hotel in London, UK, for £84.3 million ($148.9 million).

AF Global, who in Dec last year announced it was selling full ownership rights for Crowne Plaza London Kensington for some £84.4 million in cash, is the former owner of LC London. It is also a subsidiary of SGX-listed companies Aspial Corp and Fragrance Group.

Natural Cool makes foray into F&B industry with million-dollar acquisition

SINGAPORE (Feb 19): Natural Cool Holdings, the air-conditioning and switchgear specialist, is venturing into the food and beverage (F&B) industry by acquiring the business and assets of Yummy YM and SFB Global for $0.98 million.

Yummy and SFB Global are the manufacturers, distributors and retailers of cooked-food products and beverages & confections, respectively.

The former company is 70% owned by Leong Yew Meng, who is also the sole director and shareholder of SFB Global.

Second potential offeror rescinds expression of interest to acquire Procurri less than 24 hours later

SINGAPORE (Feb 8): Procurri Corporation says the second potential offeror to express interest in acquiring the company after New State Capital Partners LLC has now decided to terminate further discussions on the matter.

The update comes less than 24 hours after Procurri had received its second, unsolicited non-binding expression of interest (EoI) from an unnamed third party to acquire the company through a possible voluntary general offer.

GIC enters into agreement to acquire Tour Ariane in Paris for $741 mil

SINGAPORE (Oct 16): GIC has agreed to acquire Tour Ariane, a 40-storey office tower with a gross lettable area of 64,500 sqm for approximately €465 million ($741 million), from Unibail-Rodamco-Westfield.  

Located in the heart of the La Défense business district in Paris, Tour Ariane is within walking distance from two main transport hubs and multiple amenities. Its accessibility and connectivity will further benefit from the Grand Paris project, which will reduce connection times to major airports and train stations.

Ascendas REIT enlarges UK portfolio with $459 mil acquisition of logistics properties

SINGAPORE (Sept 29): Ascendas REIT is scaling up its portfolio in the UK with the proposed acquisition of a portfolio of 26 logistics properties for £257.5 million ($459.2 million).

The properties are well-located in key logistics locations with about 70% of the portfolio’s gross internal area situated within the West Midlands, an important logistics hub located at the centre of UK’s motorway network.

Keppel-KBS US REIT acquiring Redmond, Washington portfolio for US$169 mil

SINGAPORE (Sept 24): The manager of Keppel-KBS US REIT is acquiring 21 buildings in a US suburban business campus for a consideration of US$169.4 million ($231.4 million).

Dubbed the Westpark portfolio, the 21 buildings have a total of 781,966 sf over 41 acres.

Located adjacent to downtown Redmond, Washington, the portfolio includes three clusters of buildings:

ThaiBev's share price cannot get any more sober than this

SINGAPORE (Sept 21): RHB Research is maintaining “buy” on Thai Beverage (ThaiBev) with an unchanged target price of 88 cents despite expectations of 4Q18 alcohol volumes to continue their decline due to the high base effect in 4Q17, which saw trade agents stocking up prior to the excise tax hike.

Uber is in early talks to buy Europe's Deliveroo

(Sept 21): Uber Technologies Inc. is in early talks to buy food-delivery company Deliveroo for several billion dollars, according to people familiar with the plans.

A bid for London-based Deliveroo, last valued at more than US$2 billion ($2.7 billion), would mark a major attempt by Uber to dominate the food-delivery business in Europe. An acquisition price is unknown. Any offer would need to be considerably above its latest valuation, according to people with direct knowledge of Deliveroo plans.

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