Perennial unit sold 45% stake in YIS to Yanlord Commercial for $202.68m

The proceeds will be used for corporate and general working capital.

Perennial Real Estate Holdings’s subsidiary, Perennial UW has sold all of its 45% stake in Yanlord Investment (Singapore) (YIS) to Yanlord Commercial Property Investments for $202.68m, the companies announced.

The proceeds will be used for corporate and general working capital purposes. Perennial also intends to realign its portfolio and focus on investments.

The amount was based on YIS's share prices, as well as the capital funding contributed by Perennial UW to YIS, and YIS's cash and cash equivalents, outstanding bank debt, and other liabilities.

Perennial holds a 72.22% stake in Perennial UW. The remaining share capital of Perennial UW is held by investment holding firm HPRY Holdings and Wilmar International subsidiary WCA.