Company Briefs: Oxley Holdings

Oxley Holdings

Oxley Holdings' wholly-owned subsidiary, Oxley Docklands Quay Three Limited, and National Asset North Quays DAC have agreed to sell 268 residential units in Ireland to Greystar Europe Holdings for €175.5 million (S$271 million). The units are part of Blocks B and E of Dublin Landings, a mixed-use development situated along Dublin's North Wall Quay. The sale also includes external common areas and 210 car parking spaces.

Greystar, a London-based property operator, has been granted an exclusivity period till March 4 to conduct due diligence on the property and process papers related to the deal. Sale completion is targeted for Feb 27.

Great Eastern

Insurer Great Eastern has entered into a share and purchase agreement to divest a minority stake in Indonesia insurance firm QBE Indonesia for some US$1.4 million (S$1.9 million). The buyer, PT Suryasono Sentosa, will receive a 5 per cent stake in QBE Indonesia following the transaction, which is subject to approval by Indonesia's financial services authority, Otoritas Jasa Keuangan, and the Monetary Authority of Singapore.

The move comes after Great Eastern said on Dec 11 it would sell a minority stake in QBE Indonesia, after acquiring it to satisfy Indonesian shareholding requirements.

Great Eastern, majority owned by Singapore lender OCBC, had said it would buy QBE Indonesia for US$28 million as part of a strategy to build its general insurance operations and deepen its footprint in Indonesia.

Keppel Corp

Keppel Corp is selling a 70 per cent interest in a Vietnam township project to Nam Long Investment Corp for 2.3 trillion Vietnamese dong (S$135 million) in cash. Keppel Land, its real estate arm, is in the process of taking over complete control of Dong Nai Waterfront City LLC from its joint venture partner through a demerger. It will retain a 30 per cent stake after the sale of the 70 per cent stake to Nam Long.

Dong Nai Waterfront City has been granted the right to develop a township on 170 ha of land in Dong Nai province. It also holds 28 ha of land that is excluded from the proposed divestment.

The deal is conditional upon conditions precedent being fulfilled, like the completion of the demerger and regulatory approval. The consideration will be paid in tranches. The unaudited net asset value attributable to the sale stake was about $57 million as at Dec 31, 2018.

A version of this article appeared in the print edition of The Straits Times on January 29, 2019, with the headline 'Company Briefs'. Subscribe