13 Feb '17, 6am

Singapore firms among UEL's shortlisted bidders - PropertyGuru Singapore

UEL’s large portfolio of properties includes shopping centres, hotels and condominiums. (Photo: Wikimedia Commons) The major stakeholders of United Engineers Ltd (UEL) have narrowed down their list of potential bidders to five companies, including Ascendas-Singbridge and Perennial Real Estate Holdings, reported Bloomberg , citing sources privy to the matter. American private equity firm KKR & Co., Malaysia’s Samling Group and Mulpha International Bhd were also shortlisted, and the five were invited to begin due diligence. Final offers for the Singapore property group, which has a market capitalisation of $1.9 billion, are expected to be due by end-March, said sources who wanted to remain anonymous as the info is private. In January, UEL’s largest owners Oversea-Chinese Banking Corporation (OCBC) and the lender’s insurance arm Great Eastern Holdings, announced that they wer...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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