Singapore’s Lian Beng Group acquires BreadTalk building for $88.6m

Photo by rawpixel on Unsplash

Lian Beng Group, the Singapore-listed construction and property developer, has agreed to acquire the BreadTalk IHQ Building from F&B player BreadTalk Group for S$118 million ($88.6 million), according to a stock exchange announcement.

The sale-cum-leaseback transaction will see BreadTalk Group leasing back the property as an anchor tenant for a term of 10 years.

The acquisition will be conducted through a consortium led by Lian Beng Group, which will hold a 75% direct stake through its wholly-owned subsidiary. Other parties in the consortium are Apricot Capital with 20% and 32RE Investments with 5%.

“This transaction is part of our capital re-allocation strategy towards a more asset-light model as we continue to focus on our core F&B business,” said BreadTalk chairman and CEO George Quek.

Lian Beng Group’s consortium will pay S$5 million in deposit upon signing of the agreement. The balance amount will be paid upon the completion of the acquisition.

Lian Beng Group’s consortium will fund its share of the purchase consideration through a combination of bank borrowings and internal resources.

In February last year, a consortium comprising Singapore-listed food and beverage player BreadTalk Group’s chairman George Quek Meng Tong and his wife Katherine Lee Lih Leng launched a take-private offer aiming to delist the business. The consortium also included Thai hospitality group Minor International PCL.

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.