COMMERCIAL PROPERTY | Staff Reporter, Singapore

Oxley accepts $1.03b offer for Chevron House

A US-based real estate fund filed an expression of interest for the property.

Oxley subsidiary Oxley Beryl has received an offer from a US-based real estate fund to fully acquire Chevron House for $1.03b, an announcement revealed. It has accepted the expression of interest (EOI) on 14 March 2019.

According to the company, the EOI was accepted after taking into consideration the prevailing conditions in the property market; and that this unsolicited offer generally meets the group’s long-term investment objectives originally contemplated during the acquisition of the property.

A refundable deposit of $7.5m would be received by Oxley Beryl to be held in escrow shortly after the acceptance of the EOI.

The buyer has been granted an exclusive dealing period of 45 days commencing from the day after the acceptance of the EOI, which may be extended for a further seven days at its request.  

Oxley purchased Chevron House in November 2017 for a consideration price of $660m.

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