Property development company Lian Beng Group, together with its consortium partners, has entered into a put and call option agreement to acquire the BreadTalk IHQ Building from BreadTalk Group for an aggregate purchase consideration of $118m.
The 10-storey property, which sits at Tai Seng street and has a gross floor area of approximately 248,902 sq ft., will be acquired through a consortium in which Lian Beng holds a 75% direct stake through its wholly owned subsidiary.
“This transaction is part of our capital reallocation strategy towards a more asset-light model as we continue to focus on our core F&B business,” BreadTalk Group chairman George Quek said.
“We are pleased to kick off 2021 by adding an attractive property to our investment portfolio. The acquisition will extend our investment footprint in industrial real estate and help to diversify our property portfolio,” Lian Beng Group chairman Ong Pang Aik said.
The group’s consortium partners, Apricot Capital and 32RE Investments, will hold 20% and 5% direct stake, respectively.
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