07 Jun '18, 7am

HK-listed Far East Consortium acquires #Singapore #property for $70m

Hong Kong-listed Far East Consortium International Ltd (FEC) has acquired a prime residential property, 21 Anderson Royal Oak Residence, in Singapore for a total consideration of S$93 million ($70 million). As part of the deal, FEC has entered into a sale and purchase agreement with Amber Investment Holding (Cayman) to acquire 100 per cent of the issued and paid-up capital of Highest Reach Investments Ltd and the shareholder loan at S$93 million ($70 million) under a credit facility of about S$103 million ($77.33 million). According to The Straits Times , the actual seller is private equity firm Blackstone acting through Amber Investment, which bought the property in 2014 for about S$164 million ($123.13 million). FEC has conducted the deal through its subsidiary Advance Delight Global Ltd. Through its subsidiaries, Highest Reach Investments owns a freehold, 34-unit reside...

Full article: https://www.dealstreetasia.com/stories/hk-listed-far-east...

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