SG Dealbook: STI Financial backs One Animation; Frasers sells property for $160m

While Singapore’s One Animation has secured an undisclosed Series B round led by Hong Kong-based investment firm STI Financial Group, Frasers Commercial Trust is divesting 55 Market Street at Raffles Place for S$216.8 million ($159.44 million).

STI Financial Group backs One Animation

Singapore animation studio One Animation has secured an undisclosed Series B round led by Hong Kong-based investment firm STI Financial Group, said the latter in an announcement today.

The investment will see STI nominee director Ranbor Li joining One Animation’s board to assist its strategy and business development. STI is an existing investor in the startup, along with Jungle Ventures, when it invested in One Animation’s Series A round in 2015.

The proceeds will be used to market existing toys and merchandise into new markets, develop new intellectual properties and to hire more talent. Founded in 2008, One Animation is a computer graphics animation studio and has produced a portfolio of intellectual properties that have been broadcast in global networks including Disney Channel, Cartoon Network, Nickelodeon across 180 countries. Its animations are also seen on YouTube, Amazon and Netflix.

STI has invested in a series of startups including Indonesia’s peer-to-peer platform UangTeman and Chinese fintech startup PINTEC.

Frasers Commercial Trust sells 55 Market Street

Frasers Commercial Trust (FCOT) is divesting 55 Market Street, its 16-storey commercial property at Raffles Place, Singapore, for $216.8 million ($159.44 million) and the transaction will be completed by August 31, 2018, it said in a stock filing yesterday.

The property has a total net lettable area of 71,796 sq ft and a committed occupancy of 87.9 per cent as at March 31, 2018.

The sale consideration represents a 44.5 per cent premium above the property’s valuation of S$150 million ($110.3 million) as at July 1, 2018.

CEO of FCOT manager, Jack Lam, said, 55 Market Street is the smallest of FCOT’s assets and therefore non-core. “Monetising the asset at a gain of close to S$67 million ($49 million) above valuation and almost tripling the initial purchase price unlocks significant value,” he said.

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