LHN unit wraps up $100.9m Changi Business Park hotel strata lot transaction

Coliwoo subsidiary completed the deal through bank borrowings and IPO proceeds.

LHN completed the acquisition of a leasehold hotel strata lot at 2 Changi Business Park Avenue 1 for $100.9m on 27 March, through its subsidiary Coliwoo Project Ace Pte. Ltd., according to an SGX announcement.

The transaction followed the exercise of a call option under a put and call option agreement with Perpetual (Asia) Limited, acting as trustee of Viva Trust, and earlier announcements dated 30 January and 13 March.

The group paid an option fee of $10.1m on 30 January and funded the remaining $90.9m with $85.85m in bank borrowings and $5.05m from initial public offering (IPO) proceeds, alongside a $5.02m stamp duty related to the acquisition.

Coliwoo Holdings Limited said IPO proceeds were allocated across expansion, growth, and asset enhancement of its co-living business, including leased properties, owned and joint venture properties, loan repayment, working capital, and listing expenses.

As at 27 March, it had utilised $46.12m of IPO proceeds, with $54.86m remaining.

Maybank Securities Pte. Ltd. acted as issue manager and global coordinator for the IPO of Coliwoo Holdings Limited.

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