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.