United Engineers to purchase Hewlett Packard premises for $402 million
UNITED Engineers (UE) has inked a deal to acquire two properties from Hewlett Packard Singapore, in a move to expand its real estate portfolio.
The firm told the Singapore Exchange on Monday that it will buy the freehold industrial building at 452 Alexandra Road and the freehold commercial office tower at 450 Alexandra Road for a total of $402 million.
The acquisition will be funded wholly in cash, and will bring the net book value of the group's properties under management to over $2 billion, UE said.
UE's latest purchase comes on the back of its acquisition of a freehold commercial building at 79 Anson Road in February for $410 million.