divestment

MapletreeLog Trust divests 5 Japan properties for $213 mil
SINGAPORE (Apr 10): Mapletree Logistics Trust (MLT) has divested five properties in Japan to Godo Kaisha T&C for a total sale consideration of JPY 12.5 billion ($213.3 million) in cash. The sale consideration is 21% above the latest appraised value of JPY 14.4 billion for all five properties as at Mar 31, 2019. The consideration is also 13% above the original purchase cost (including ...
Soilbuild REIT disposes 72 Loyang Way asset for $34.1 mil with remaining lease of 19 years
SINGAPORE (Mar 21): Soilbuild Business Space REIT (Soilbuild REIT) has agreed to sell its industrial property at 72 Loyang Way, and all of its mechanical electrical equipment, to Kim Hock Enterprise for a total consideration of $34.08 million. The REIT is expecting net proceeds of about $34.055 million after accounting for divestment-related expenses, resulting in an estimated net gain of ...
To shut, sell or refinance Malaysia Airlines? PM Mahathir to decide 'soon'
(Mar 12): The Malaysian government is considering whether to shut, sell or refinance national carrier Malaysia Airlines (MAB), Prime Minister Mahathir Mohamad said on Tuesday. The government was studying options for the national carrier, and a decision should be made “soon”, Mahathir said, when asked about analysts’ suggestions the airline be shut down or spun off. “It is a very ...
SIA Engineering divests 20% stake in Jamco joint venture for $4 mil
SINGAPORE (Jan 30): SIA Engineering Company (SIA EC) has sold its entire 20% stake in Jamco Singapore, to the latter’s majority owner Jamco Corporation for $3.97 million in cash, representing a 43% premium to net value. Based on the JV’s audited financial statement for FY18, the net asset value of shares disposed of by SIA EC is $2.77 million. Jamco Singapore was a 20:75:5 joint venture ...
FHT said to put up Sofitel Sydney Wentworth for sale
SINGAPORE (Jan 29): Frasers Hospitality Trust (FHT) is putting up Sofitel Sydney Wentworth for sale at a time over A$1 billion worth of hotels are expected to change hands, according to The Australian. Sofitel Sydney Wentworth is one of the last dowager hotels in Sydney and is said to be worth more than A$400 million ($388.4 million). FHT first acquired the Sofitel Sydney Wentworth in 2014 ...
Keppel divests 70% interest in Dong Nai Waterfront City for $136 mil
SINGAPORE (Jan 28): Keppel Corporation announced that a wholly-owned subsidiary Keppel Land Limited (KLL), Portsville, is divesting a 70% interest in Dong Nai Waterfront City (DNWC) to Nam Long Investment Corporation for a consideration of VND 2,313 billion ($136 million). DNWC is a company incorporated under the laws of Vietnam and had been granted the right to develop a township in Dong Nai ...
Oxley divests part of Dublin property for $271 mil
SINGAPORE (Jan 28): Oxley Holdings announced that its wholly-owned subsidiary, Oxley Docklands Quay Three, along with National Asset North Quays DAC have entered into a letter agreement with Greystar Europe Holdings for the sale of the long leasehold interest in part of Blocks B and E, Dublin Landings, North Wall Quay, Dublin 1, Ireland for 175.5 million euros ($270.8 million). Greystar has ...
Oxley to get much-needed hongbao if hotel sale deal is on
SINGAPORE (Jan 14): Property group Oxley could potentially reduce net debt-to-equity to 1.8 times from 2.5 times as at Sept 2018 if sale of its Mercure and Novotel hotels on Stevens Road is completed. That's because that the cash proceeds will be able to alleviate some of the group’s urgent cash requirements, says DBS Group Research, especially in repaying its retail bonds – $300 ...
Oxley accepts LOI from buyer of Mercure and Novotel hotels on Stevens Road
SINGAPORE (Jan 10): Oxley announced that its wholly-owned subsidiary, Oxley Gem, has accepted a letter of intent (LOI) today for the purchase of Mercure and Novotel hotels located at 28 and 30 Stevens Road for a total consideration of $950 million. The LOI is intended to be non-binding and is subject to the parties entering into a definitive sale and purchase agreement. Under the terms of ...
Is Ascott Residence Trust's Raffles Place divestment a bane or a boon?
SINGAPORE (Jan 10): OCBC Investment Research is upgrading its call on Ascott Residence Trust (Ascott REIT) to “buy” from “hold” upon raising its fair value estimate for the REIT to $1.18. The move comes after adjusting for its divestment of Ascott Raffles Place Singapore at 2 Finlayson Green for $353.3 million – representing a 64.3% premium to the property’s valuation of $215 ...