Singapore: KOP offloads Cranley Hotel; Keppel Land divests from two subsidiaries; CapitaLand issues $100m note

Singapore skyline at dusk. Credit: Flickr/Nicolas Lannuzel

Singapore-listed property player are consolidating with divestments, or otherwise seeking to unlock value from selling their stakes in subsidiaries and joint ventures.

KOP to offload Cranley Hotel in $24.2m deal

Developer KOP Properties is planning to dispose off an 85 per cent-owned subsidiary, Cranley Hotel Limited, for a consideration of GBP 17.5 million (US$24.2 million), having entered into an asset purchase agreement on 25 February with Belgravia Mews Hotel for the sale of the business and the assets of CHL.

CHL owns Cranley Hotel, a 39-room boutique hotel in London. According to a filing by KOP, the book value of CHL’s assets on Jan 31 was $25.3 million and the gain on disposal is S$9 million.

According to a filing, a deposit of GBP1.75 million has been paid by Belgravia. The remaining sum will be paid upon sale completion. According to KOP, the disposal will help free up the group’s cash resources, with proceeds from the sale going towards working capital and can the repayment of the group’s borrowings.

Upon disposal, earnings per share will increase to 2.10 cents a share from 1.45 cents a share, given that net tangle assets per share will increase from 10.49 to 11.27 cents.

Keppel Land divests stakes in two property firms

Keppel Land, the property division of Keppel Corporation, has disclosed its divestment of stakes in two property companies operating in Sri Lanka and Vietnam.

The divestments are part of a focus to strengthen its presence in its core markets and growth cities, as well as recycling assets for higher returns. Through its wholly-owned subsidiary, Edmonton, Keppel Land is divesting its 60 per cent equity interest in Keppel CT Developments, a joint venture (JV) company in Sri Lanka, for a total consideration of LKR 550 million (S$5.5 million).

January 2016 saw Keppel Land and Kepventure Pte Ltd sell their 55 per cent and 45 per cent respective interests in Fernland Investment, which holds a 78.58 per cent stake in a Hanoi office building in Hanoi, for an aggregate consideration of US$10.86 million.

CapitaLand issues $100m in note issue

CapitaLand Mall Trust has issued $100 million in 10-year fixed rate notes at a rate of 3.5 per cent per annum to institutional and accredited investors. The notes are due to mature on 25 February 2026.

According to CapitaLand, funds from the note issue will be used to refinance existing borrowings, and to be listed and quoted on Singapore Exchange from 9am on 26 February. The notes have been issued under the $2.5 billion multi-currency medium-term note programme established by CMT in 2007.

Also Read: 

Singapore: Keppel units to offload stakes in Fernland Investment for $10.8m

Singapore: Temasek exploring options of sale of portfolio firm Keppel’s holdings in M1, REIT

CapitaLand ups stake in Vietnam joint venture to 90%

CapitaLand Trust seeking to sell Singapore office tower

Singapore: Ho Bee Land acquires London property for $149m

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.