Suntec Reit makes first UK foray with $766.5m acquisition in London's West End

  • 📰 The Straits Times
  • ⏱ Reading Time:
  • 37 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 63%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

SINGAPORE (THE BUSINESS TIMES) - Suntec Real Estate Investment Trust's (Suntec Reit) manager is looking to acquire a half stake in London's Nova development from Canada's pension fund, based on an agreed property value of £430.6 million (S$766.5 million).. Read more at straitstimes.com.

SINGAPORE - Suntec Real Estate Investment Trust's manager is looking to acquire a half stake in London's Nova development from Canada's pension fund, based on an agreed property value of £430.6 million .

The Nova Building has retail units on the ground floor and 170 residential units. While the proposed acquisition includes the ground lease in relation to the residential units, the 170 residential units are excluded from the transaction. The other half stake in the development will continue to be held by London-listed Land Securities Group , the developer and asset manager of the Nova properties.

The deal is subject to unitholders' approval at an extraordinary general meeting expected to be convened in December 2020. The agreed market value of £430.6 million, based on 50 per cent interest, is at a 1.2 per cent discount to the independent valuation of £436 million including the income guarantee.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 8. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks to watch: Suntec Reit, Tiong Woon, Prudential, HC Surgical, GS HoldingsTHE following companies saw new developments that may affect trading of their securities on Friday: Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Stocks to watch: Suntec Reit, Tiong Woon, Prudential, HC Surgical, GS HoldingsTHE following companies saw new developments that may affect trading of their securities on Friday: Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »