News
COMMERCIAL PROPERTY, STOCKS | Staff Reporter, Singapore
view(s)

Daily Briefing: Temasek in talks to sell 10% stake in A.S. Watson for $3b; Two freehold redevelopment sites in Lavender Street for sale for $47.4m and $12.6m

And private equity firm Novo Tellus to acquire 29.6% stake in Procurri for $12m.

From Bloomberg:

Chinese internet giant Tencent Holdings Ltd. is weighing a bid for part of Temasek Holdings Pte’s stake in global retailer A.S. Watson Group, people with knowledge of the matter said.

The Singapore state investment company is considering selling around a 10% stake in A.S. Watson for about $3b, according to the people, who asked not to be identified because the information is private. That’s just under half of its 25 holding. Tencent may team up with some investment funds for an offer for the stake in A.S. Watson, which is a unit of Hong Kong tycoon Victor Li’s CK Hutchison Holdings Ltd., the people said.

The holding has also drawn interest from Chinese tech billionaire Jack Ma’s Alibaba Group Holding Ltd., according to the people. Potential buyers are being invited to management presentations this month, one of the people said.

Read more here.

From PropertyGuru:

CBRE, with joint marketing agent HRL Properties, has launched two freehold redevelopment sites located at 2 and 21 Cavan Road, off Lavender Street, for sale by public tender.

2 Cavan Road has a land area of approximately 20,100 square feet and currently accommodates a part-single-part-three-storey light industrial-cum-warehouse building which is understood to have been built in the 1950’s. Located just across the street, 21 Cavan Road is a smaller site of 8,529 sqft currently occupied by a four-storey light industrial building that was completed in 1975.

Indicative pricing for 2 Cavan Road is $47.4m and that for 21 Cavan Road is $12.6m. Assuming the existing building at 2 Cavan Road is conserved and incorporated into the proposed redevelopment, the development charge for this site will be S$18.9 million.

Read more here.

From DealStreet Asia:

Private equity firm Novo Tellus will become the largest shareholder of Singapore-based data centre equipment provider Procurri as it acquires a 29.6% stake in the firm, Dealstreet Asia reports.

Novo Tellus PE Fund 2 and its co-investor ACT Holdings have exercised a previously announced call option to buy over 36.3 million shares of Mainboard-listed Procurri.

Specifically, Novo Tellus PE Fund 2 will acquire shares worth $12m from Procurri’s shareholder DeClout, whilst ACT Holdings will pay a total of more than $15.8m to two other shareholders.

The transaction is expected to close on 21 March 2019, the firm said in a statement. Procurri chairman and global CEO Sean Murphy said, Novo Tellus’ investment and will deepen its footprint.

With presence in over 100 countries across the Asia-Pacific, the US, Europe and the EMEA region, the company has been providing third party maintenance, strategic asset disposition, hardware resale, and other related services.

Read more here.

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.