Perennial Real Estate Holdings and its consortium of investors have fully divested all of their 100% interests in entities that own the retail mall and four strata office units in Chinatown Point Mall. The $225 million transaction was through a share and purchase agreement with PAR Chinatown Point, a wholly-owned vehicle of a fund managed by Pan Asia Realty Advisors. The latter is a JV between Mitsubishi Estate and CLSA. The sales consideration is based on a property price of $520 million, which translates to $2,450 psf on the total NLA of Chinatown Point Mall. Perennial is the largest investor with a 50.64% effective interest, and its proportionate stake in the net proceeds from the sale is expected to be about $125.3 million. The other investors of Chinatown Point Mall include SPH and FPTM. The transaction is expected to close on or near June 6, 2019. Thereafter, Perennial’s wholly-owned subsidiary, Perennial (Singapore) Retail Mgmt, will continue its role as the manager of the property.... Continue Reading