Perennial completes reverse takeover of St James Holdings

Investors in Singapore will soon get a chance to own slices of iconic Singapore properties like Chijmes and Capitol Singapore. Perennial Real Estate Holdings, which owns these assets, has completed its reverse takeover of Catalist-listed night-spot operator St James Holdings on Monday (Oct 27).

However, the trading of its shares – which will be promoted to the mainboard of the SGX – is only expected to start sometime in December.

Perennial also announced that it is making a voluntary offer to acquire the remaining units of Perennial China Retail Trust in exchange for new Perennial Real Estate Holdings shares. The company plans to take the trust private.

Perennial said it can turn into a property giant with a net asset value of S$2.62 billion.

Mr Pua Seck Guan, chief executive of Perennial, said: “We own the two largest high-speed rail commercial hubs in the whole of China – in Chengdu and Xi’an. In the case of Chengdu, we have a development area more than 12 million square feet. And in Xi’an, we have a development area of more than eight million square feet. These high-speed rail commercial developments also have local MRT and bus interchanges.”

Source : Channel NewsAsia – 27 Oct 2014

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