[Photo: Yangzijiang Shipbuilding]
Yangzijiang Shipbuilding to jointly acquire a landmark office building in Singapore's financial district
Yangzijiang Shipbuilding to jointly acquire a landmark office building in Singapore's financial district
SINGAPORE – 29 March 2023 – Yangzijiang Shipbuilding (Holdings) Ltd., a world-leading shipbuilding group based in China has, through its 81%-owned entity, Yangzijiang Realty Pte. Ltd. entered into a Share Purchase Agreement to acquire a 100%-stake in 39 Robinson Road Pte. Ltd., the owner of the property located at 39 Robinson Road, Singapore 068911.
In connection with this, 9Co Parker Pte. Ltd., a real estate company, and ICH Singapore Holdings Pte. Ltd., a boutique investment firm, have earlier taken up equity interests of 10% and 9% respectively in Yangzijiang Realty, with the intention of jointly acquiring the Property Company.
Yangzijiang Realty has agreed on a value of S$399 million for the Property, taking into consideration the prompt settlement as the Group is able to tap into its strong internal cash reserves without having to rely on external financing.
Strategically located in the financial district of Singapore, the Property is a 21-strorey freehold commercial building with a gross floor area of 15,723.92 square metres.
Mr. Ren Letian, Executive Chairman and CEO of Yangzijiang, commented, “Having been listed on the SGX Mainboard for 16 years and being an STI index component company, the acquisition gives us an opportunity to deepen our roots in Singapore with our very own office building. Furthermore, considering the highly inflationary environment, we see this as a good vehicle to preserve our existing capital over the long term while also providing us stable rental cash flow.”
“We want to emphasize that this is a one-off exercise and that our focus remains in the core shipbuilding business. A professional real estate manager will be appointed to manage the marketing activities and operations of the building with the idea of branding it as a financial hub to attract tenant profiles like institutional investors and family offices,” Mr. Ren added.
Source: Yangzijiang Shipbuilding
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