OEL Holdings has entered into an agreement with Corporate Space and its holding company Heng Fai Enterprises for the acquisition of two Singapore investment companies at S$53.9 million.
Notably, the target companies are Singapore Service Residence and Expats Residences.
OEL will satisfy the S$53.9 million sum by paying S$10 million in cash and issuing S$43.9 million of secured convertible bonds.
Moreover, the acquisition includes a carrying amount of the properties that are held by both target companies of S$72.1 million and S$19.4 million in outstanding bank loans as of end September 2013.
With a total area of 41,585 sq ft, these properties, mostly residential and commercial real estate, include residential units at Dakota Crescent and SOHO units along North Bridge Road.
Christopher Chitty, Senior Content Producer at PropertyGuru edited this article. To contact him about this or other stories, email christopher@propertyguru.com.sg
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