A consortium led by Singapore-listed construction and property development company Lian Beng Group, announced that it has entered into a put and call option agreement to purchase the BreadTalk HQ Building for $118 million. Lian Beng holds a 75% stake in the consortium, with Apricot Capital, the investment arm of Super Group’s Teo family, taking a 20% stake. Meanwhile, 32RE, the fund mgmt business co-founded by Matthew Ong, CEO of SLB Development, holds a 5% stake. The BreadTalk HQ Building is a 10-storey, single-user industrial development with retail component on the first level, located at 30 Tai Seng St. The building has a GFA of about 248,902 sqft, including the retail units. BreadTalk Group has committed to lease back the property as an anchor tenant for an initial lease term of 10 years, with an option to either buy back the property at the end of the lease; or to extend the lease for a further five years at the prevailing market rent. Ong Pang Aik, chairman and MD of Lian Beng Group expects the property to yield positive rental returns, in addition to potential capital appreciation.... Continue Reading