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The company says the deal paves the way for broader collaboration, exploring new avenues for strategic growth and development
HO BEE Land on Monday (Aug 12) agreed to sell a 49 per cent stake in its wholly owned subsidiary, HB Universal, at a consideration of S$134 million.
Completion of the deal is slated for Aug 21 this year.
HB Universal is a special purpose vehicle which holds Elementum, Ho Bee Land’s landmark biomedical life-science development, at 1 North Buona Vista Link.
The property is designed by architectural firm Skidmore, Owings & Merrill, and has a gross floor area of 445,300 square feet. Its sale consideration was based on an agreed property value of S$555 million for Elementum.
The buyer is a Singapore-incorporated company, Fermium 257, representing the interest of “a sovereign wealth fund”.
Checks by The Business Times showed that Fermium 257 is owned by Perpetual Capital VCC, an investment holding company described in Perennial Group’s FY2023 annual report as “principally backed by a sovereign wealth fund in the South-east Asian region”.
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Perpetual Capital VCC is also a shareholder of Perennial Group and Perennial Singapore Investment Holdings.
Responding to queries from BT, Ho Bee Land said it was “unable to disclose the name of the sovereign wealth fund involved” in Elementum’s sale.
In a statement on Monday, Ho Bee Land’s chief executive Nicholas Chua said the deal represented a strategic partnership which “paves the way for broader collaboration, exploring new avenues for strategic growth and development.”
Shares of Ho Bee Land closed last Thursday S$0.01 or 0.6 per cent up at S$1.79.
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