IOIPG, CapitaLand Investment Submit Expression Of Interest To Buy One Raffles Place

KUALA LUMPUR, Oct 12 (Bernama) -- IOI Properties Group Bhd’s (IOIPG) wholly-owned subsidiary has jointly submitted an expression of interest with an investment entity managed by CapitaLand Investment Ltd (CLI) to acquire One Raffles Place, Singapore.

IOIPG said the proposed acquisition of a 100 per cent interest in the property would be undertaken on a 50:50 basis and that the purchasers are conducting due diligence and exclusive discussions with the vendors to agree on mutually acceptable terms for the proposed transaction.

“The purchasers and the vendors are currently working collaboratively and in good faith, using reasonable commercial efforts to agree on the terms of the definitive agreements and related transaction and completion documents, subject to the satisfactory completion of the purchasers' due diligence during the exclusivity period,” it said in a stock exchange filing.

One Raffles Place, located at 1 Raffles Place, Singapore, is an integrated commercial development comprising two office towers and a retail podium.

Tower 1 is a 62-storey office building with rooftop retail, completed in 1986, while Tower 2 is a 38-storey office building with ancillary retail and one basement level, completed in 2012.

The development also includes a five-storey retail podium with one basement level, completed in 1986.

IOIPG said it would keep shareholders informed of the progress of the proposed transaction and make further announcements to Bursa Malaysia Securities Bhd as and when there were material developments, including the execution of any definitive agreements.

Relevant details of the proposed transaction, together with any requisite approvals, would be disclosed at the appropriate stage in accordance with the Main Market listing requirements.

-- BERNAMA