Company Briefs: SLB Development

SLB Development

Newly listed SLB Development said a subsidiary has exercised the option to acquire the freehold Pei-Fu Industrial Building for $76.25 million.

The development, located at 23 New Industrial Road, has a land area of 5,792.1 sq m.

SLB, the property spin-off of construction company Lian Beng, said it intends to redevelop the site. The acquisition was undertaken by Oxley Kyanite, in which SLB has an indirect 51 per cent interest with mainboard-listed Oxley Holdings owning the remaining 49 per cent share.


ESR-Reit

ESR-Reit said it has agreed to acquire Tampines Distrihub, a logistics facility, for $95.8 million.

The purchase price includes a consideration of $86.2 million and estimated upfront land premium payable for the balance lease term to the tune of $9.6 million. The total acquisition cost amounts to $99.9 million, factoring in stamp duties of $2.9 million and $1.2 million in other transaction costs.

Located at 15 Greenwich Drive, the facility is valued at $96.4 million, and is a four-storey multi-tenanted ramp-up logistics facility with ancillary offices located within Tampines LogisPark, a dedicated logistics park.

The development has a gross floor area of 455,396 sq ft and sits on 271,894 sq ft of JTC leasehold land, with its lease tenure expiring in 2041.


Summit Power International

Summit Power International has deferred its planned US$260 million (S$344 million) Singapore Exchange initial public offering, which would have been the first overseas IPO by a Bangladeshi company.

"In the light of recent market volatility, the company has decided not to proceed on the current IPO timeline. Summit Power International remains committed to the growth of its business, in support of the development of the Bangladesh power sector," a message sent to investors said.

Market participants said there was an overall lack of demand from institutional investors and private banking clients for non-real estate investment trust IPOs in Singapore.

Summit had already compromised on the size of the deal, which it launched at US$260 million rather than the US$350 million indicated during pre-marketing.

REUTERS

A version of this article appeared in the print edition of The Straits Times on April 25, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe