Perennial Real Estate Holdings acquires AXA Tower for $1.17b

It will hold a 41.3% stake in the property.

Mainboard-listed Perennial Real Estate Holdings led a consortium of investors to acquire a 41.3% stake in AXA Tower, a 50-storey prime office development in the Central Business District, for a total consideration of $1.17 billion.

The purchase price translates to about $1,735 per square foot. The consortium is made up mainly of PREH and its shareholder HPRY, along with some other investors.

PREH’s wholly-owned subsidiaries will be the project manager, asset manager and property manager of AXA Tower. The transaction is expected to be completed by April 2015.

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