Singapore: Lum Chang, CDL REIT in asset purchases; Oxley notes issue

View of Singapore's Marina Bay district. Credit:Flickr/Román Emin

By Shiwen Yap

May 11, 2017

In separate real estate deals in Singapore, Lum Chang is exercising the option to purchase residential units at One Tree Hill, while CDL Hospitality REIT has acquired a Manchester hotel for about $94.7 million. In a separate development, Oxley Holdings issued notes priced at $100 million.

Lum Chang purchases residential property

Lum Chang Holdings is exercising option to purchase 13 strata units and common areas in the freehold residential property, One Tree Hill Gardens, via its subsidiary Lum Chang Auriga for a consideration of S$65 million.

One Tree Hill Gardens is a three-storey residential development located at 12 One Tree Hill. Its neighbouring developments comprise a mix of both landed housing as well as condominiums.

Lum Chang Auriga will finance the deal via internal cash resources and external debt.

CDL REIT acquires Manchester hotel

M&C REIT Management Limited, as manager of CDL Hospitality Real Estate Investment Trust, and M&C Business Trust Management Limited, as trustee-manager of CDL Hospitality Business Trust are acquiring a Manchester hotel property.

The trustee-manager through its indirect wholly owned subsidiary, CDL HBT North Ltd, will acquire The Lowry Hotel via purchasing the entire issued share capital of The Lowry Hotel Limited from North Low S.Á R.L.

The purchase price comprises property price of £52.5 million (S$94.1 million), and payment of approximately £0.4 million (S$0.7 million) based on the estimated net working capital and cash of the acquisition target. At the time of completion, the aggregate amount to be paid would be close to £52.9 million (S$94.7 million). The acquisition will be fully funded initially by GBP-denominated debt.

The property is a purpose-built 5-star luxury hotel offering 165 rooms and a comprehensive suite of facilities located in proximity to the heart of Manchester city centre, and approximately 16.0 km from Manchester Airport.

Oxley issues $100m notes

Oxley Holdings has priced US$100 million notes through its wholly owned unit, Oxley MTN Pte Ltd, that have a tenor of four years and bear an interest rate of 6.375 per cent.

Their second tranche is due in 2021 and forms a single series with the US$200 million notes issued on 21 April under its US$1 billion guaranteed Euro medium-term note programme.

DBS Bank has been appointed as the sole arranger of the programme and the sole lead manager for the issuance of the 2021 Tranche 2 Notes.

Also Read:

Blackstone to put Sime Darby’s Singapore property on sale

Manulife Real Estate buys Singapore property for $526m

Singapore property owner GLP gets takeover offer from China fund CIC Group

Singapore: The Ascott acquires New York property, plans to invest $50m

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.
APPLY NOW

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.
APPLY NOW