Times Properties, a wholly-owned subsidiary of Singapore Press Holdings, will no longer be pursuing a C$232.9 million ($175.4 million) deal to purchase six senior housing properties in Canada, citing global market instabilities caused by the COVID-19 epidemic.
Initially announced this February, Times Properties and Columbia Pacific Advisors, a US-based investment manager, mutually agreed to not proceed with the acquisition and terminate the agreement, according to a release from SPH.
The release further added, “The termination of the agreement will not have any material adverse impact on the consolidated net tangible assets or earnings per share of the Company for the financial year ending 31 August 2020.”
SPH had also announced the purchase of five aged care properties in Japan for 5.26 billion yen ($47.6 million) this February. It announced that three of the five assets had been acquired.
In a press release, SPH said, “Completion of the acquisition of the other two assets is expected to take place in April 2020, subject to satisfaction of the conditions precedent in the relevant purchase agreements.”