A potential buyer has entered into an expression of interest with Oxley Beryl to acquire the retail and banking units at 30 Raffles Place for $315 million.
Oxley Holdings did not identify the buyer in a bourse filing on Tuesday night or state whether it is linked to Golden Compass.
Golden Compass is the buyer named in Oxley Holdings’ proposed $1.025 billion sale of the Raffles Place property announced in April last year.
30 Raffles Place, formerly known as Chevron House, is a 32-storey commercial development comprising 27 levels of office space and a five-storey retail podium with net lettable floor area of about 260,000 sq ft.
Oxley Holdings said in May last year that the divestment of the retail and banking units will be conducted via expression of interests open to the public with the consideration to be paid in cash.
A refundable deposit of $3.15 million has been received from the unidentified buyer for the units, the mainboard-listed company said.
The potential buyer in an expression of interest could sign a binding sale-and-purchase agreement with Oxley Beryl by June 15. The divestment of the units then is expected to be completed by June 30, Oxley Holdings added.
In April last year, the Oxley Holdings investment vehicle Golden Compass inked a deal with United States real estate fund AEW to buy the entire interest in Oxley Beryl and assume its existing bank loans for an aggregate value of up to $1.025 billion.
The first completion of the proposed sale resulted in Golden Compass paying $210 million and receiving an 82.35 per cent stake in Oxley Beryl, Oxley Holdings announced last June. Golden Compass is to pay the balance of the consideration and discharge Oxley Beryl’s bank loans upon the final completion. Then the remaining 17.65 per cent of shares in Oxley Beryl will be transferred to Golden Compass.
The final completion will take place after the property’s refurbishment is finished and after the retail and banking units have been divested.
Oxley Holdings paid $660 million for the development in December 2017.
Oxley shares closed up 6.7 per cent to 24 cents yesterday.
An artist’s impression of the retail podium at 30 Raffles Place, formerly known as Chevron House. The 32-storey development comprises 27 levels of office space and a five-storey retail podium. PHOTO: JLL, CUSHMAN & WAKEFIELD
Updated from : The Straits Times, 21 May 2020