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COMMERCIAL PROPERTY | Staff Reporter, Singapore

BreadTalk Group divests investment in 112 Katong for $16 million

It will get a gain of $8.5m.

BreadTalk Group had sold its stake at 112 Katong for $16m. The company is expected to record a gain of S$8.5 million before transaction costs.

To close the deal, Breadtalk’s subsidiary Imagine Properties sold $154,000,000 Secured Fixed Rate Junior Bonds Due 2015 issued by PRE 1 Investments Pte. Ltd. to DC REIT Holdings, and 43 redeemable preference shares in the capital of PRE1 at an aggregate cash consideration of S$16.0 million.

Completed in November 2011, 112 Katong is a 6-storey shopping mall with a net lettable area of about 206,000 square feet. Its major tenants include a premium supermarket, Golden Village, Food Republic and a number of renowned restaurants coupled with a landscaped roof top garden with wet playground for children.

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