SINGAPORE - A subsidiary of property developer Oxley Holdings has entered into an agreement with Ireland's central bank to sell off two blocks of buildings in Dublin for €204 million (S$315 million), subject to finalisation of the properties' net floor area.
The deal involves the sale of No. 4 and No. 5 Dublin Landings, 72-80 North Wall Quay, for €97 million and €107 million respectively.
Oxley Holdings' wholly owned subsidiary, Oxley Docklands Quay Two, will be entitled to 79.5 per cent of the sale price, Oxley said in a Singapore Exchange filing on Monday evening (Jan 21).
A deposit of €20.4 million has been paid, of which €5 million will be released to Oxley Docklands upon fulfilment of various conditions, the company said.
The balance will be paid upon completion of the sale, which shall take place after the properties have been fully constructed, Oxley said. This is targeted to take place in October this year.
Oxley is of the view that proceeds from the sale will contribute positively to the group's cash flow, earnings per share, and net tangible assets per share for the current financial year ending June 30, 2019.
It added that none of the directors or controlling shareholders of the company has any interest in the sale, except for a shareholding in the company, if any.
As at 2.02pm on Tuesday, Oxley shares were trading up 1.72 per cent or 0.5 cent to 29.5 cents apiece.