General Announcement::Acquisition of Property and Subsidiaries

Issuer & Securities

Issuer/ Manager
SINARMAS LAND LIMITED
Securities
SINARMAS LAND LIMITED - SG1E97853881 - A26
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
03-Jul-2017 17:41:11
Status
New
Announcement Sub Title
Acquisition of Property and Subsidiaries
Announcement Reference
SG170703OTHRX8HP
Submitted By (Co./ Ind. Name)
Kimberley Lye Chor Mei
Designation
Company Secretary
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, a wholly-owned subsidiary of the Group, has acquired from Horseferry Holdings Limited, the entire shareholding of Horseferry Property Limited ("HPL"), a company incorporated in Guernsey (the "Acquisition"), which owns the freehold property known as 33 Horseferry Road, Victoria, London, United Kingdom (the "Property"), for a net consideration of GBP188.6 million (equivalent to approximately SGD337.6 million) (the "Consideration").

The entire shareholding of HPL consists of 1 issued ordinary share of GBP1. HPL also owns the entire shareholding of GMN No 2 Limited, a company incorporated in England and Wales ("GMN 2"), consisting of 1 issued ordinary share of GBP1 (together, HPL and GMN 2, the "Target Group Companies"). The Property is located on the south side of Horseferry Road, London.

The Consideration was determined on a willing buyer willing seller basis and based on the aggregate value of the assets of the Target Group Companies (including the Property), less adjustments, and reflects the income profile of the Property in terms of income length and covenant strength.

The Acquisition was completed on 29 June 2017 and the Consideration was satisfied in full by a combination of internal resources and bank borrowings.

The Board of Directors of the Company views the Acquisition will strengthen the Group's portfolio of investment properties in London and further diversify its income streams which are derived principally from Indonesia.

Following the completion of the Acquisition, the Target Group Companies have become subsidiaries of the Group.

Note: The amount in SGD equivalent using the exchange rate as at 29 June 2017 of GBP1 = SGD1.79.


BY ORDER OF THE BOARD

Robin Ng Cheng Jiet
Director
3 July 2017

Attached News Release "SINARMAS LAND REINFORCES ITS FOOTHOLD IN LONDON WITH THE ACQUISITION OF THE FOURTH FREEHOLD PRIME COMMERCIAL BUILDING FOR GBP188.6 MILLION"

Attachments

SML - News Release-3 July 2017.pdf
Total size =623K