Oxley expands into Australia.
Oxley Holdings has entered into a project development investment agreement to acquire a 25.5 percent direct interest in Pindan Capital Berry (PC Berry) for A$3.825 million (S$4.1 million).
The figure represents 25.5 percent of PC Berry’s total issued capital of A$15 million (S$16.2 million).
In a statement, the property developer revealed that PC Berry has secured a land sub-division development known as Huntingdale Park at Hitchcock’s Lane, Berry, New South Wales, Australia.
To fund the acquisition and development of Huntingdale Park, PC Investments requested for an A$10.725 million (S$11.6 million) loan under a loan facility set up in December 2016.
The Singapore-listed company announced in December that it had acquired a 40 percent interest in Australian property and construction firm Pindan Group, of which PC Berry is its development company. It also granted Pindan Capital a revolving loan facility of A$40 million (S$43 million), which will be “applied in connection with property development projects undertaken by it or its subsidiaries”.
Oxley noted that the investment in PC Berry will be funded by internal sources, while the acquisition of interest in PC Berry is not expected to materially affect the company’s net tangible assets per share or earnings per share for the current financial year ending 30 June 2017.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
