Notably, the acquisition values South Beach Property at $2.75 billion. The price tag of $834.22 million was derived after taking into account $1.16 billion in liabilities in Scottsdale and its subsidiaries.
IOI Properties Group’s acquisition spree continues. On June 3, the group announced that it was buying the remaining 50.1% stake in Scottsdale Properties, which owns Singapore’s South Beach development, from City Developments (CDL) for $834.22 million cash.
The group says the acquisition, which will enable it to gain full ownership of the high-profile mixed-use asset, will be funded internally and with bank borrowings.
