IOI Properties completes S$2.47b acquisition of Asia Square Tower 2 in Singapore

IOI Properties Group has completed its S$2.47 billion acquisition of the indirect owner of Asia Square Tower 2 in Singapore. The deal includes repayment of shareholder loans and was settled via a Bursa Malaysia filing on Sept 17.

PETALING JAYA (Sept 17): IOI Properties Group Bhd (IOIPG) has completed its acquisition of the indirect owner of Singapore’s Asia Square Tower 2, involving a total cash outlay of S$2.47 billion (RM7.95 billion).

In a Bursa Malaysia filing on Thursday (Sept 17), the property developer said completion followed the settlement of purchase consideration of S$1.196704 billion and repayment of S$1.277504 billion in shareholder loans.

The acquisition was undertaken by the group’s wholly owned subsidiary IOI Marina View Pte Ltd, which acquired the entire issued share capital of MVKimi (BVI) Ltd. MVKimi indirectly owns Asia Square Tower 2 through its wholly owned subsidiary. The 46-storey integrated development at 12 Marina View in Singapore’s central business district comprises Grade A offices, ancillary retail space and parking facilities, with a net lettable area of about 773,000 sq ft.

IOI Properties exercised its call option on Sept 2 after all conditions precedent under the put-and-call option agreement were satisfied. The sale and purchase agreement was deemed to have been entered into on the same date.

The transaction was first announced in April with an agreed property value of S$2.476 billion, negotiated on a willing-buyer, willing-seller basis. The purchase consideration for MVKimi was subject to adjustment based on its net asset value at completion.