The company says the deal paves the way for broader collaboration, exploring new avenues for strategic growth and development
HO BEE Land has agreed to sell a 49 per cent stake in its wholly owned subsidiary, HB Universal, at a consideration of S$134 million.
Completion of the deal is slated for Aug 21, 2024.
HB Universal is a special purpose vehicle which holds Elementum, Ho Bee Land’s landmark biomedical life-science development, at 1 North Buona Vista Link.
The property is designed by architectural firm Skidmore, Owings & Merrill, and has a gross floor area of 445,300 square feet. Its sale consideration was based on an agreed property value of S$555 million for Elementum.
The buyer is a Singapore-incorporated company representing the interest of “a sovereign wealth fund”, Fermium 257.
Checks by The Business Times showed that the company is owned by Perpetual Capital VCC. Perpetual Capital VCC is also a shareholder of Perennial Group and Perennial Singapore Investment Holdings.
In a press statement on Monday (Aug 12), Ho Bee Land’s chief executive Nicholas Chua said the deal represented a strategic partnership which “paves the way for broader collaboration, exploring new avenues for strategic growth and development.”
Shares of Ho Bee Land closed Friday S$0.01 or 0.6 per cent up at S$1.79.
