SINGAPORE (Apr 30): Oxley Holdings has sold Chevron House at 30 Raffles Place Singapore to Golden Compass (BVI).
See: Oxley accepts expression of interest for $1.03 bil sale of Chevron House
The property is a 32-storey commercial development comprising 27 levels of office space and a five-storey retail podium with an existing net lettable floor area of 24,273 square metres.
In an early morning filing on Tuesday, Oxley says Golden Compass has signed the sale & purchase agreement (SPA) under which it will purchase the entire interest in the capital of Oxley Beryl and take over the existing bank loans for an aggregate value of up to $1.025 billion, subject to certain adjustments in accordance with the terms of the SPA.
Oxley Beryl is a wholly-owned subsidiary of Oxley and the owner of the property known as Chevron House.
Oxley says the consideration was arrived at through arm’s length negotiations on a willing buyer and willing seller basis, taking into consideration the enterprise value of Oxley Beryl.
Oxley says the proposed sale is a transaction carried out in the ordinary course of the group's business.
Oxley on March 1 started alterations and additions and asset enhancement works on the property which shall be completed before the final completion of the proposed sale.
Shares in Oxley closed 0.5 cent lower at 30 cents.
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