Suntec REIT sells 30% interest in 9 Penang Road property
The aggregate consideration of the Sale Shares amounted to $89.9m.
The Suntec Real Estate Investment Trust (REIT) divested 30% of its interest in property at the 9 Penang Road to Haiyi Holdings Pte. Ltd.
This is comprised of 15 million ordinary shares and 678 redeemable preference share, which Haiyi Holdings agreed to but at $89.9m.
This is in addition to the 35% interest of Haiyi Holdings from the joint venture company, Park Mall Investment Limited, that owns the property. This brings up its total stake to 65%, whilst the remaining 35% is held by Phoenix 99 Pte. Ltd.
Suntec REIT estimated a net proceed worth $88.2m from the sale of the 10-storey development with two office blocks and ancillary retail.