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FINANCIAL SERVICES | Staff Reporter, Singapore

DBS completes acquisition of stake in MBFC Tower 3

Aggregate consideration was S$1.035 billion.

DBS Bank acquired 30% equity stake in Central Boulevard Development to own a stake in Marina Bay Financial Centre Tower 3.

DBS, regarded as the anchor tenant at MBFC Tower 3, recently completed its move to the 46-storey international Grade A office building in October 2012 to occupy over 600,000 sq ft or 18 floors.

The bank entered into an agreement with Choicewide Group Limited, a joint venture of Cheung Kong (Holdings) Ltd and Hutchison Whampoa Limited, to purchase 30% equity stake in CBDPL and its associated loan for an aggregate consideration of S$1.035 billion.

Both parties also entered into a conditional put option agreement for DBS to take up Choicewide’s remaining 3⅓% equity stake in CBDPL and its associated loan for an estimated aggregate price of S$115 million.

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