IOI Properties eyes 50pct stake in S$2.4bil Singapore asset
KUALA LUMPUR: IOI Properties Group Bhd is seeking a 50 per cent stake in One Raffles Place, a prime commercial development in Singapore’s central business district, in a potential S$2.4 billion (RM7.65 billion) deal.
IOI Properties Group Bhd is aiming to acquire a 50% stake in One Raffles Place, a prominent commercial development situated in Singapore's central business district, as part of a possible S$2.4 billion (RM7.65 billion) transaction. According to a filing submitted to Bursa Malaysia, IOI Properties has jointly submitted an expression of interest alongside an investment entity managed by CapitaLand Investment Ltd for the acquisition of the entire property on a 50:50 basis.
The entities are currently engaged in thorough due diligence and are holding exclusive discussions with the vendors to reach mutually agreeable terms. IOI Properties disclosed that the potential acquisition was first reported in August, with the property initially valued at S$2.4 billion. OUE Real Estate Investment Trust, backed by Indonesia's Riady family, currently holds an 81.54% stake in the property through a subsidiary, while United Overseas Bank owns the remaining 18.46% and occupies part of the complex.
The parties are currently working towards finalizing definitive agreements and transaction documents, contingent upon satisfactory due diligence during the exclusivity period. One Raffles Place is composed of two office towers and a retail podium. Tower 1, the 62-storey structure, was completed in 1986, whereas Tower 2, the 38-storey building, was finished in 2012. The development also features a five-storey retail podium with a basement.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
