Consortium to sell Chinatown Point mall for $520m

Perennial Real Estate Holdings and its consortium of investors, including Singapore Press Holdings , are selling their stakes in Chinatown Point mall for $520 million in total, the listed companies announced yesterday.

In July 2010, Perennial syndicated a consortium of investors to form Perennial Chinatown Point LLP to acquire Chinatown Point mall for $250 million. The deal value includes $225 million in cash for the issued shares and the assignment of shareholder loans. The transaction price of $520 million also translates to $2,450 per sq ft on a total net lettable area of Chinatown Point mall.

SPH's wholly owned subsidiary, CT Point Investments, has a direct stake of 30.68 per cent in PCP LLP.

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