Perennial Hldgs   

Perennial makes weak debut on SGX

Perennial sells stake in 111 Somerset to Stanley Ho' s Shun Tak for S$155m

THU, APR 16, 2020 - 6:12 PM

PERENNIAL Real Estate Holdings is divesting its entire 30-per-cent stake in 111 Somerset,  known locally as TripleOne Somerset, to gambling mogul Stanley Ho' s Shun Tak Holdings for S$155.1 million in cash. 

111 Somerset is a prime integrated development, comprising two premium-grade office towers and a retail podium. It is located in the Orchard Road precinct and next to Somerset MRT station, and is also near the affluent Devonshire and River Valley residential areas. 

Shun Tak already owns the remaining 70 per cent stake in the development, having bought it for S$1.26 billion from a Perennial-led consortium in January 2017. 

In the current deal, Perennial, through a subsidiary, will sell its 30-per-cent stake in  Perennial Somerset Investors to  Simply Swift Limited, a unit of Shun Tak.  Perennial Somerset Investors owns  111 Somerset.

Perennial said the transaction is in line with its " active capital recycling strategy to rebalance its portfolio, enhance its financial flexibility and maximise its returns to shareholders" . The real estate player stands to net a pre-tax gain of about S$25 million from the deal. 

The consideration was determined based on factors including the current and expected market value of 111 Somerset upon the completion of an asset-enhancement programme, which is currently underway. 

Just last year, the property had undergone a major asset-enhancement exercise costing about S$120 million. Works had involved enhancing the retail offerings at the retail podium, incorporating medical suites of about 32,000 sq ft, and sprucing up the office lobby and common areas.

The transaction is expected to be completed on May 31 or the date falling five business days from the date on which all condition precedents are satisfied - whichever is the later. 

Post-transaction, Perennial (Singapore) Retail Management will remain the property and project manager of 111 Somerset. 

https://www.businesstimes.com.sg/companies-markets/perennial-sells-stake-in-111-somerset-to-stanley-hos-shun-tak-for-s155m
 

 

Eyes on property market amid global slowdown
Oxley, SingHaiyi and Perennial are on analysts' debt watch-lists

MON, MAR 16, 2020 - 5:50 AM

Singapore

AS BEARS maul the stock market while firms grapple with a recessionary environment, the risk of a property market slowdown has risen, market watchers say.
Analysts think a price crash is unlikely unless unemployment spikes first. But sales of new private homes will...

https://www.businesstimes.com.sg/companies-markets/eyes-on-property-market-amid-global-slowdown

 

Perennial, Chesham sign sale and purchase agreement for Capitol buy-out deal to be completed on May 8

TUE, MAR 13, 2018 - 7:14 PM
 

THE sale and purchase agreement has been signed for Perennial Real Estate Holdings' consolidation of its interest in the iconic Capitol Singapore project.

The property' s two co-owners - mainboard-listed Perennial and Chesham Properties, a Pontiac Land Group affiliate - inked the deal on Tuesday, with the completion of the acquisition set for May 8.

The signing of the agreement came one day after the news that Chesham has decided to sell its half-stake in the iconic heritage site.

Perennial will pay roughly S$528 million in a deal to take over the landmark mixed development at the junction of North Bridge Road and Stamford Road.

The two parties had been deadlocked in a years-long business disagreement over the Capitol project, with observers noting that the property' s performance has suffered as a result.

The sale and purchase agreement can be inspected during normal business hours at Perennial' s office at 8, Shenton Way, #36-01.

Perennial said in its announcement on the Singapore Exchange website that the agreement will be available for inspection for three months.

The company added that it will make the necessary announcements when there are further material developments on this matter.

Perennial closed up on Tuesday by S$0.01, or 1.16 per cent, at S$0.87. http://www.businesstimes.com.sg/companies-markets/perennial-chesham-sign-sale-and-purchase-agreement-for-capitol-buy-out-deal-to-be

 

 

Perennial to buy Pontiac unit' s 50% stake in Capitol Singapore for S$528m

 

PERENNIAL Real Estate Holdings is buying Pontiac Land affiliate Chesham Properties' 50 per centstake in Capitol Singapore for S$528 million, of which Perennial will pay S$129.6 million in cash.

Upon completion of the sale, Perennial will discharge loans by Chesham to Capitol Singapore amounting to S$368.6 million and all interest accrued on the said loans, Perennial said in a filing with the Singapore Exchange on Monday morning.

In addition, the property developer will also make ancillary payments of S$3 million to Patina Hotels & Resorts.

The execution of the sale agreement will commence by March 13 and the completion of the sale expected to be wrapped up within eight weeks of the date of the sale and purchase agreement. The consideration was based on a property price of S$1.028 billion, 2.6 per cent above the 2017 valuation for Capitol Singapore of about S$1.002 billion.

Acrimonious disagreements between the co-owners of Capitol Singapore - an integrated development located at the junction of Stamford Road and North Bridge Road - over some key issues of the project had earlier resulted in Perennial seeking court action to wind up three associated companies that are equally owned by Perennial and Pontiac Land.

But Perennial lost the case and made an appeal. The Court of Appeal dismissed Perennial' s appeal against the High Court' s decision last November.

The settlement agreement inked on Jan 3 provided a mechanism for either Perennial or Pontiac Land to purchase all of the others' shares in the iconic heritage property.

Said a Chesham spokesman on the sale: " Chesham is pleased with the sale of its interest. We look forward to redeploying the proceeds into other profitable opportunities."

Perennial shares were trading at S$0.855 as at 10.53am. http://www.businesstimes.com.sg/companies-markets/perennial-to-buy-pontiac-units-50-stake-in-capitol-singapore-for-s528m

 

Good news.

Deadlock broken on Capitol Singapore project

A deal has finally been struck after years of litigation over the iconic heritage property Capitol Singapore, deadlocked as relations soured between the shareholders - real estate veteran Pua Seck Guan and a member of the prominent Kwee family.

The Stamford Road project - described by a High Court judge as having " fallen into economic slumber" - is finally seeing light at the end of the tunnel.

A settlement was inked yesterday that is expected to result in units of Mr Pua' s Perennial Real Estate and Chesham Properties, an affiliate of Mr Kwee Liong Seen' s Pontiac Land, parting ways and one of them owning the entire project.

 

What' s up with this company?   

 

Perennial-Yanlord' s offer for United Engineers' ordinary shares lapses

THE takeover offer for United Engineers Limited (UEL) closed on Tuesday, but the offer for UEL' s ordinary shares has lapsed due to insufficient takers.

" The total number of UEL ordinary shares owned, controlled or agreed to be acquired by the offeror and parties acting in concert with it, and valid acceptances of the ordinary share offer, amount to an aggregate of 221,871,848 UEL ordinary shares, representing approximately 34.8 per cent of the total number of UEL ordinary shares and 36.03 per cent of the total number of UEL ordinary shares (excluding the subsidiary holdings).

http://www.businesstimes.com.sg/companies-markets/perennial-yanlords-offer-for-united-engineers-ordinary-shares-lapses

 

Only good for medium to long term. Wonder when can they had enough recurring income to spin off a reit???
Can also hope now.....

 

Finally the wait will be over soon.....since they managed to pull-in Yanlord for the bid to takeover UE.

 

Tomorrow is the day they are to submit their binding offer..... good luck to all who are vested in this.

 

right issues no doubt..
i think ue sharholders dont want shares..they are the fat cats...

lglg666      ( Date: 22-Jun-2017 13:25) Posted: They are just acting as a front as they are part of the Kuok group to takeover UE. jamesng      ( Date: 21-Jun-2017 05:21) Posted: How PREH is going to finance the take over?

 

No news as of now....keep dropping......

 

They are just acting as a front as they are part of the Kuok group to takeover UE.

jamesng      ( Date: 21-Jun-2017 05:21) Posted: How PREH is going to finance the take over?

 

How PREH is going to finance the take over?

 

Incorporation of three investment holding co. Related to imminent acquisition of UE?

 

But was thinking this is a bit slow.........although it should be safe bet.....

 

3 June announcement that they have signed a jv with Beijing Hospital of TCM to establish Ming Yi Guan here in Singapore, exciting days ahead.

jamesng      ( Date: 01-Jun-2017 17:08) Posted: Think a lot of things going to unfold in preh...if all goes well, will be more than a dollar soon.....

 

Now the share price just woke up again.....start to run to your target of a dollar plus?

lglg666      ( Date: 02-Jun-2017 10:07) Posted: Exciting days ahead......they should work faster to close the deal over UE with its main shareholders so that they pay the decent price for it. jamesng      ( Date: 01-Jun-2017 17:08) Posted: Think a lot of things going to unfold in preh...if all goes well, will be more than a dollar soon.....

 

Exciting days ahead......they should work faster to close the deal over UE with its main shareholders so that they pay the decent price for it.

jamesng      ( Date: 01-Jun-2017 17:08) Posted: Think a lot of things going to unfold in preh...if all goes well, will be more than a dollar soon.....

 

Think a lot of things going to unfold in preh...if all goes well, will be more than a dollar soon.....