Straits Real Estate will become a fully owned subsidiary following this transaction.
The Straits Trading Company has entered into an agreement with the JL Family Office (JLFO) to acquire the latter's stake in Straits Real Estate.
The Share Sale and Purchase Agreement for the 10.5% stake with an aggregate consideration of $105m was done through Straits Trading subsidiary STC Capital and JLFO unit JL Equity II.
This transaction would lead to SRE becoming a fully owned subsidiary.
"We built SRE together with Straits Trading since its inception in 2013 and are pleased that all stakeholders have benefited from SRE’s growth trajectory. Having reached the end of a successful investment cycle, it is time to divest our stake in SREand rotate our capital into other opportunities," said JLFO CEO Andy Lim in a statement.
The completion of this transaction is scheduled on April 9 and will be funded by Straits Traiding's internal cash resources.
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