acquisition

Top Global to acquire 43 units in Thong Teck Building for $170 mil

SINGAPORE (Sept 2): Top Global, the property developer and hospitality and facility manager, will acquire 23 freehold commercial strata-titled lots with 43 property addresses in Thong Teck Building at 15 Scotts Road.  

The total purchase consideration of $170 million will be funded fully in cash, through a combination of bank financing and internal cash resources.

Chip Eng Seng to develop Hyatt Regency Hotel in Adelaide

SINGAPORE (Aug 2): Chip Eng Seng has announced that its newly-acquired property at 51 Pirie Street in Adelaide, Australia will be developed into a new Hyatt Regency. 

On July 2, Chip Eng Seng acquired the property at a price of A$14.5 million ($14.6 million), funded fully through internal resources.

See: Chip Eng Seng acquires Adelaide property for $14.6 mil in IPT to redevelop into hotel

ISOTeam powering up as regional player on back of Pure acquisition

SINGAPORE (Aug 1): As the Singapore construction sector awakens from its slump, ISOTeam is well placed to tap new markets and win more contracts.

Not only has the one-stop building and engineering company rolled out a new improved tender process that focuses on smooth work flow and quality, it recently acquired Pure Group, which will open the doors to clients beyond Singapore’s shores.

ESR-REIT focuses on AEIs and leases as sponsor creates pipeline with Sabana REIT transaction

(July 29): Adrian Chui, CEO of ESR-REIT’s manager, was frank and transparent when asked about the outlook for industrial property, rental reversions, tenants, sponsors and mergers and acquisitions. ESR-REIT owns a portfolio of 56 assets valued at around $3.02 billion, excluding the acquisition of PTC Logistics Hub, which will be completed in 3Q2019. 

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Suntec REIT acquires Adelaide office building for $141 mil

SINGAPORE (July 15): Suntec REIT is acquiring a freehold Grade A office building in Adelaide’s CBD.

The 12-storey property located at 55 Currie Street, Adelaide, South Australia, has an approximate net lettable area of 282,000 sf and a weighted average lease expiry (WALE) of 4.4 years.

It also has a committed occupancy of 91.6% with key tenants such as the Commonwealth Government, South Australian Government, Allianz and Data Action.

Thakral adds another Osaka office building to portfolio

SINGAPORE (July 1): Thakral Corporation has acquired another commercial property in Osaka, Japan – the Nikke Yotsubashi building.

The latest investment increases Thakral’s portfolio of real estate investments in Japan to 11 properties. The properties cover three hotels and eight commercial/office buildings in Osaka, the second biggest metropolis.

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.

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