Other investors in the Perennial-led consortium include HPRY, a wholly-owned investment company of Kuok Khoon Hong, group chairman and CEO of Wilmar International, who is one of the largest sponsors of Perennial as well as its chairman. Perennial’s existing stake in AXA Tower is 31.2% and HPRY holds a 10.1% stake, bringing Kuok’s deemed interest in AXA Tower to 41.3%.
SINGAPORE (May 6): A consortium of investors led by Singapore-listed Perennial Real Estate Holdings announced on May 6 that they are selling a 50% stake in AXA Tower for and transferring 50% of the outstanding loan, to Alibaba Singapore, a subsidiary of the NYSE-listed Chinese e-commerce behemoth, Alibaba Group Holdings. The deal is based on a property purchase price of $1.68 billion for AXA Tower. JLL was the advisor to Alibaba Singapore on the deal, which is expected to be completed by end June 2020.
The Perennial-led consortium has in turn, transferred the remaining 50% equity stake in AXA Tower and the remaining 50% outstanding loan to a new entity, PRE13.
