Ho Bee Land sells 49% stake in Elementum for $134 million to sovereign wealth fund
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Elementum, Ho Bee Land’s landmark biomedical life-science development. The group is selling a 49 per cent stake in this project to a sovereign wealth fund.
PHOTO: HO BEE LAND
Michelle Zhu
SINGAPORE - Ho Bee Land has agreed to sell a 49 per cent stake in its wholly owned subsidiary, HB Universal, at a consideration of $134 million.
Completion of the deal is slated for Aug 21.
HB Universal is a special purpose vehicle which holds Elementum, Ho Bee Land’s landmark biomedical life-science development in one-north near Buona Vista MRT interchange station.
The property is designed by architectural firm Skidmore, Owings & Merrill, and has a gross floor area of 445,300 sq ft. Its sale consideration was based on an agreed property value of $555 million for Elementum.
The buyer is a Singapore-incorporated company representing the interest of “a sovereign wealth fund”, Fermium 257.
Checks by The Business Times showed that the firm is owned by Perpetual Capital variable capital company (VCC). Perpetual Capital VCC is also a shareholder of Perennial Group and Perennial Singapore Investment Holdings.
In a statement on Aug 12, Ho Bee Land’s chief executive Nicholas Chua said the deal represented a strategic partnership which “paves the way for broader collaboration, (and) exploring new avenues for strategic growth and development”.
Shares of Ho Bee Land closed 2.23 per cent higher at $1.83 on Aug 12. THE BUSINESS TIMES
