Asset Acquisitions and Disposals::PROPOSED DISPOSAL OF HORSEFERRY PROPERTY LIMITED
Issuer & Securities
SINARMAS LAND LIMITED
SINARMAS LAND LIMITED - SG1E97853881 - A26
Asset Acquisitions and Disposals
Date &Time of Broadcast
Announcement Sub Title
PROPOSED DISPOSAL OF HORSEFERRY PROPERTY LIMITED
Submitted By (Co./ Ind. Name)
Kimberley Lye Chor Mei
Description (Please provide a detailed description of the event in the box below)
The Board of Directors of Sinarmas Land Limited (the "Company" and together with its subsidiaries, the "Group") wishes to announce that SML Victoria Limited ("SML Victoria"), a wholly-owned subsidiary of the Group, has entered into a sale and purchase agreement ("SPA") with LTH Property Holdings 3 Limited (the "Purchaser") relating to the sale by SML Victoria to the Purchaser of the entire issued share capital of Horseferry Property Limited, a wholly-owned subsidiary of the Group incorporated in Guernsey (the "Target"), which owns the freehold property known as 33 Horseferry Road, Westminster, London, United Kingdom, upon the terms and conditions of the SPA (the "Proposed Disposal").
The consideration for the Proposed Disposal is estimated to be GBP247.5 million (equivalent to approximately SGD415.1 million*) (the "Consideration"), which was determined on a willing buyer willing seller basis, taking into account, inter alia, recent transaction prices of similar properties in the same location. A cash deposit of 20% of the Consideration was received upon signing the SPA, with the balance of the Consideration payable on completion, which is expected to take place in early August 2022.
The Proposed Disposal provides an opportunity for the Group to realise an attractive rate of return on its investment.
Upon completion of the Proposed Disposal, the Target shall cease to be a subsidiary of the Group.
None of the Directors or the controlling shareholders of the Company has any interest, direct or indirect, in the Proposed Disposal, other than through their respective shareholdings and/or directorships in the Company (if any).
BY ORDER OF THE BOARD
Robin Ng Cheng Jiet
13 July 2022
* The amount in SGD equivalent using the exchange rate as at 08 July 2022 of GBP1 = SGD1.677.