In a bourse filing on Dec 31, Coliwoo says a sum of $2 million was paid to the seller as a deposit on Nov 20. The remaining balance of $38 million was paid on Dec 31 and was funded using a combination of bank borrowings as well as the joint venture’s internal resources. Coliwoo says it funded its proportionate share of the purchase of $3 million from its IPO proceeds.
Newly-listed co-living business Coliwoo Holdings says it has completed the acquisition of 1 King George’s Avenue via a joint venture it formed with Macritchie Developments, a private company.
Earlier, on Nov 20, Coliwoo says it is establishing a 50:50 joint venture to acquire the property. 1 King George’s Avenue is a seven-story commercial building sitting on freehold land. The building has a net lettable area is 19,500 sq ft and a purchase price of $40 million.
