SG Realty Dealbook: Oxley Holdings to raise $89.4m through bond issue;CoAssets raises $1.23m through placement to existing investors

Visual of Oxley Holdings portal. 26 October 2015.

Singapore-based realty firms are busily raising capital, in preparation for expanding their international footprint and expanding business operations across the growth markets of Southeast Asia.

Oxley Holdings to raise $89.4m in capital through bond issue

Oxley Holdings Limited said on Monday that it will issue an offer of up to S$125 million ($89.4 million) of four-year 5 per cent bonds due 2019.

These bonds will be issued by the group’s wholly owned unit Oxley MTN Pte Ltd and unconditionally guaranteed by the group. DBS Bank is the sole lead manager and bookrunner for the offer.

This offer will comprise up to S$100 million ($71.5 million( of bonds at the issue price of 100 per cent to the public in Singapore and an offer of up to S$25 million ($17.8 million) of bonds at the issue price of 100 per cent to institutional and other investors.

The Singapore Exchange (SGX) on 23 October 2015 granted its in-principle approval for the listing and quotation of the bonds on the mainboard, subject to certain conditions.

This development comes after a decision earlier to this month by Oxley to consider a potential Catallist listing by their Malaysian property development business unit, as part of a restructuring of its property development business in Malaysia.

This restructuring exercise was disclosed in April 2014 and aimed at restructuring the entirety of Oxley’s overseas property development business, due to uncertainties surrounding the outlook of the global economic growth and financial markets.

Also Read: SG Realty Dealbook: Debao acquires Malaysian developer; Oxley sells of 30% of units in Cambodia devleopment

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CoAssets raises $1.23m through placement to existing investors

Singapore-based and Australian-listed realty crowdfunding platform CoAssets has raised A$1.7m ($1.23 million) through a placement to new and existing shareholders.

The placement by CoAssets will see investors subscribe for 8,500,000 shares at $0.20 each. According to a release from CoAssets, the placement was well supported by “High Net Worth and sophisticated investors in Singapore.”

Commenting on the placement, CEO Getty Goh said: “The strong support for this placement is a big validation for the Company’s strategy. The proceeds from the placement will support the regional expansion recently announced through the signing of a key Joint Venture agreement in Indonesia”.

The placement shares will be issued under the Company’s capacity pursuant to National Stock Exchange (NSX) listing rules, which follows the launch of a 49:51 joint venture (JV) project in Indonesia with Java Land earlier in October, which will commence its operations in Surabaya and see CoAssets as the operator of the JV and Java Land utilise the CoAssets’ platform for al Indonesia-based property developments.

As part of the JV, CoAssets will retain control over all the IP (trademarks and branding) and receive an annual license fee at 15 per cent of the JV’s post-tax net profit. Commenting on the JV, Goh stated: “This Joint Venture is a key step in CoAssets’ plans to expand throughout the ASEAN region. Java Land has been successfully operating in Indonesia for a decade, building solid relationships with both the investment community and government authorities.

Goh added, “Through this partnership, we are confident that we will be able to rapidly grow our investor and revenue base, by providing users with a greater array of real estate investment opportunities. Our aim is to be the major real estate crowdfunding platform in Asia-Pacific.”

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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.

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.